In a commentary for Nezavisimaya Gazeta, Denis Ternovsky, Expert at the Economic Policy Foundation, believes that there are few specific reasons for food price growth due to the weakening of the ruble.
"Imported food accounts for up to a quarter of trade turnover, and when you factor in production by private households, the share of imports in food consumption is even lower. In addition, significant volumes of supplies come from post-Soviet countries, on which the exchange rate has little impact. The main importer of food to Russia is Belarus, whose economy is closely linked to Russia's. On the export side, the domestic market for its main products – grain and vegetable oils – is protected by floating export duties, and the rise in the exchange rate, like changes in world prices, has little impact on the domestic market," Denis Ternovsky noted.
The expert added that there were certain risks: “The weakening of the ruble may increase incentives to export products whose exports are still small relative to domestic consumption, such as poultry and pork. If producers respond to this situation by increasing exports without expanding production, domestic prices may rise.”