Food prices are rising: an economist explains why Ukrainians shouldn’t panic
16 March 18:40
Despite rising inflation and price increases for certain products, Ukrainians shouldn’t panic. There are always alternatives available in the food market, and everyone experiences the overall inflation rate differently. Economist Andriy Novak made this statement in an interview with the YouTube channel "Komersant Ukrainian".
“Don’t jump to conclusions based on sensationalist news headlines, such as: prices for cucumbers or tomatoes have risen. Nowhere else but in Ukraine’s food market is there maximum choice and maximum competition, both among producers and among retailers,” he noted.
The economist explained that even if the price of certain products temporarily rises, Ukrainian consumers always have alternatives.
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According to him, store shelves are stocked with plenty of products that are cheaper and often even healthier than out-of-season imports.
“If cucumbers or tomatoes get more expensive, there’s always an alternative. Cabbage, beets, carrots, onions—they’re much cheaper and always available on the shelves. So there’s no need to rush out and stock up on something ‘just in case,’ because supposedly it will be even more expensive tomorrow,” Novak emphasized.
At the same time, the economist acknowledges that rising fuel prices inevitably affect prices. After all, energy resources are included in the cost of virtually all goods and services—from production to delivery to stores.
“When the price of any energy resource—electricity, gas, or fuel—rises, practically everything becomes more expensive. This is because energy resources are a component of the production of all goods and services without exception,” he explained.
According to Novak, it is still difficult to predict exactly which products will see the biggest price hikes. Everything depends on the cost structure of manufacturers and where fuel prices ultimately settle. But there will be an impact on prices—and, unfortunately, upward—he concluded.
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