The record jump in banana prices in recent days in Russia is not due to a shortage and stoppage of supplies from Ecuador, but due to the collapse of the ruble against the dollar

Last year, almost all products in Russia became more expensive: eggs, chicken, bread and even bananas.

The price growth of the latter is impressive: according to Rosstat, in 2023 their average market price increased by 71.8% – from 104.96 rubles per kilogram in January to 146.12 rubles in December. Unfortunately, these fruits will continue to rise in price in 2024, writes MSK1.RU economic analysis.

Suddenly, one of the reasons for the upcoming price increase could be the armed conflict in Ecuador.

This Latin American country is the largest supplier of bananas to Russia.

According to the Food and Agriculture Organization of the United Nations, 98% of bananas in Russia are Ecuadorian.

Due to the introduction of a state of emergency in the country, the work of local exporting companies was paralyzed, so there may be a serious shortage of these fruits in Russia, combined with high prices for them.

Should we expect a giant spike in banana prices next month? Will Russians have to switch from bananas to apples?

Deliveries will arrive in two to three weeks.

Armed conflicts often cause economic crises and disruption of supply chains. In the case of Ecuador, which accounts for a third of the world’s banana sales, the situation could become critical.

If the conflict drags on, prices will at least rise, Valery Mironov, deputy director of the Institute for Development Center of the Higher School of Economics, told MSK1.RU.

— As a rule, there is always stock in the warehouses, which will arrive in two to three weeks.

If the unrest in Ecuador continues longer than this, prices will rise significantly.

Also remember that bananas are perishable.

Therefore, you will either have to look for another supplier, or wait until everything calms down there,“ Valery Mironov noted.

— There are alternatives to Ecuador, but establishing connections with other countries will take some time.

Therefore, the price increase cannot be avoided. But in general, bananas are not such a necessary product.

You can live without them and in this case it will not be the end of the world for the Russians.

„In Soviet times, bananas were on the table only on major holidays. And nothing, somehow we lived“

Valery Mironov, economist

Don’t panic

However, people who work directly in the fruit and vegetable sector have a slightly different opinion.

According to them, a situation in which Ecuador stops the supply is simply impossible, since the banana market is critically important to the local economy.

The biggest evil that can happen is a temporary spike in prices due to a general panic,“ said Irina Koziy, general director of FruitNews, an information agency for professionals in the fruit and vegetable industry.

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