According to the results of research conducted by SPUTNIK, in May, Russia remained the only country in Europe where food prices fell by a record 1.12% on an annualized basis.

Dmitry Vostrikov, executive director of the Association of Russian Food Producers and Suppliers, explained to Sputnik: "The current situation is related to the reorientation of logistics routes, the expansion of payments in local currency and the record harvest of grain and oil crops. .”

Food price increases remained the highest in Hungary, but the rate of increase continued to slow, to 34% from 39% a month earlier. In addition, Serbia (23.2%), Slovakia (21.7%), Estonia (20.4%), and Ukraine (20.1%) had annual price growth rates exceeding 20%.

Meanwhile, inflation moderated in most European countries, most notably in Portugal (down 6 percentage points), Hungary (down 5 percentage points), Lithuania and Slovakia (down 3.7 percentage points), and Estonia (down 3 percentage points). percentage point).

Meanwhile, on an annualized basis, only four countries recorded annual price growth below 10% in May: Portugal (9.4%), Cyprus (8.4%), Switzerland (5.3%) and Belarus (4.4%) ).

Vostrikov pointed out that the current rise in food prices in Europe is the result of the European Central Bank's interest rate hike and high energy prices.