Photo from UNIAN
Minister of Agrarian Policy and Food Oleksiy Pavlenko claims that there are no grounds for higher prices of sugar in Ukraine since domestic production is currently exceeding consumption.
"There have been reports about a possible rise in prices. The current situation is that there is no sugar deficit in Ukraine. I understand that many are interested in exaggerating the situation and creating speculative, inflationary expectations as for price hikes, but sugar output now has already made up 73% of the target volume," the minister said at a briefing in Kyiv.
According to Pavlenko, the ministry projects sugar production at 1.2-1.3 million tonnes this year, with ending stocks at the warehouses estimated at 0.5 million tonnes. At the same time, annual consumption [of sugar] in Ukraine is 1.5 million tonnes.
Pavlenko also noted that the ministry would appeal to the Antimonopoly Committee in case it observes any speculative overpricing in the market.
As UNIAN reported earlier, retail prices of sugar rose 15% in October to UAH 14.31 per kg.
Consumer prices in Ukraine in January-September increased 41.4% year-over-year. While, the Food and Agriculture Organization of the United Nations has recorded a decline in the global food prices in recent months. August saw the largest monthly drop in food prices in past seven years.