Russia's Food Prices Soar; EU Farmers Told to Destroy Crops
Following Russia’s decision to ban the importation of Western foods in response to sanctions, food prices around the country are soaring, reports BBC News. In St. Petersburg, the price of pork has risen by 23.5 percent, while the price of chicken has risen by 25.8 percent. The ban is reportedly also hurting Russia’s neighboring countries, Lithuania and Poland.
Furthermore, European farmers have been instructed to destroy or give away fruits and vegetables in order to stop the collapse of crop prices, according to CNN Money.
EU officials said on Monday, August 18 that the Union would set aside 125 million euros (approximately $167 million USD) to compensate farmers in exchange for not selling a variety of perishable goods in order to keep supply levels low “so the prices don't drop to crisis levels," said European Commission spokesman Roger Waite.
European farmers “welcomed the move but warned that the Russian ban could cause long lasting damage,” and the long-term cost would be “much higher than the money earmarked for support,” reports CNN Money.
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Karen Lo is an associate editor at The Daily Meal. Follow her on Twitter @appleplexy.