Russian caviar prices surge ahead of holidays

MOSCOW: Russians looking to indulge in their traditional winter holiday treat of red caviar will be disappointed this year, as prices have hit historic highs, official figures showed on Monday.

With Russia battling surging inflation, state statistics agency Rosstat said the market price for one kilogramme of red fish roe has surpassed the 5,000 rouble ($68, 60 euros) mark, the highest price since monitoring began in 2000.

Caviar with butter on bread or pancakes is typically served for dinner on New Year’s Eve, Russia’s biggest annual holiday.

Over the course of the last two decades, the price of caviar at the end of the year has increased seven times.

The prices jumped this year contrary to the expectations and despite an increase in salmon fishing, most of which is carried out on the Kamchatka peninsula in Russia’s Far East.

Salmon fishing has been up 30 per cent since January, compared with the same period of the last year, according to the Federal Fishery Agency cited by news agency TASS.

Business daily RBC reported that the prices are being raised by producers, with the whole market concentrated in the hands of 10 to 15 companies in the Far East, ahead of the holiday rush.

Rising inflation has led to a surge in food prices in Russia, like in other countries where economies are quickly recovering from the pandemic.

In October, the inflation rate in Russia reached 8.1 per cent on a year-on-year basis, a record since 2016.

Also Read

UK to make electric car charging points compulsory in new buildings

LONDON: Britain will make electric car chargers compulsory for new buildings in England...