Finland food prices to drop due to Russian sanctions
Cheap food imports such as meat and dairy products are flowing into Finland, strengthening the market competition and leading to a projected drop in food prices in the coming months.
Not only will the price of food fall this year, but 2015 will see a considerable slowing in price rises compared with the general pricing trend, according to the Pellervo Research Institute (PTT).
Dairy products in particular will have their prices lowered or their rises slowed. The PTT says that the consumption of pork has declined significantly in Finland despite price plummets. As a result of domestic farming being downsized, however, pork imports will be on the rise before long, the research centre says. Poultry products will also be gradually increasing their proportion of the market.
The weak development of domestic purchasing power along with a tautening of Europe’s internal competition and Russia’s foodstuff sanctions are amping up the plight of the food industry, at home and in exports.
Related stories from around the North:
Canada: Canada boycotts Moscow Arctic Council meeting over Ukraine, Eye on the Arctic
Finland: Finland’s environment minister defends “Finlandisation” comments, Yle News
Norway: Nordics rethink security after Ukraine crisis, Yle News
Russia: Sanctions on Russia – Helping or hindering the Arctic environment?, Blog by Mia Bennett
Sweden: Russian sanctions put tons of Swedish cheese in peril, Radio Sweden
United States: Can an aggressive Russia remain U.S.’s nice Arctic neighbor?, Alaska Public Radio Network
