After a year of unexpected developments in 2015, the Russian market recovered a relative sense of peace in 2016, with volatility back to a completely normal level for Russia. The weekly differences remain surprising for the uninitiated, but restrained: from 8.3 to 18.0 USD/box CIF St Petersburg. Given the sizeable standard deviation, the annual price analysis is fragile. In 2016, it emerged as 6 % below the 2015 level, at 12.4 USD/box.
The local currency analysis is more interesting. Between 2013 and 2015, the price had doubled due to the collapse of the rouble against the US dollar. It gained a little more height in 2016 with a 2 % increase, to 832 roubles/box... far removed from recent developments. Due to the inflation remaining high (definitely an annual rate of more than 6 %), the price per kilo of bananas on a constant rouble basis slumped to 15.5 roubles. The same rule applied as elsewhere: the price per kilo of bananas is by far the most competitive in the fruits and vegetables section. In spite of everything, the Russians do not seem to be consuming more; quite the opposite. As proof, the market has been shrinking for some years.
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