Food prices in Finland and elsewhere in the European Union may fall as a result of the import embargo introduced by Russia. “The supply of meat, vegetables and fruit to the internal market of Europe will increase,” says Perttu Pyykkönen, the director of research into agricultural and food economics at Pellervo Economic Research (PTT).
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Food prices may fall
“When the supply increases, prices usually drop.” Concepción Calpe, a senior economist at the Food and Agriculture Organisation of the United Nations (FAO), similarly estimates that the retaliatory sanctions may drive down food prices in Europe.