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Life has become too good: the rise in oil prices was explained by the growth in the population's income
The State Duma explained the rise in prices for butter in Russia by the growth of the population's income. Minister of Agriculture Oksana Lut said that the situation with this product is clear to her and noted that the growth in demand for this product is connected with the increase in the population's income. She reported this in an interview with Vedomosti.
Let me remind you that earlier the prices for butter in stores rose sharply. The increased interest of Russians in this product was caused by a statement from a major manufacturer, which notified retail chains about production cuts and the cessation of deliveries. Some companies raised prices by up to 48%. At the same time, the Ministry of Agriculture reported that all butter had been delivered to the domestic market.
According to Loot, in a market environment, prices depend on the balance of supply and demand. The rise in wages has led to an increase in demand for food products, including oil, which has created a temporary imbalance in the market. To ease the situation, the Ministry of Agriculture has increased imports from friendly countries, including India, Iran and Turkey, which has contributed to an increase in oil supplies by 20% and a decrease in prices.