Tea and Coffee Producers Raise Retail Prices Worldwide

Major tea and coffee producers worldwide are increasing retail prices by 6-9% starting September, citing a "difficult situation." This is reported by Komersant.

It is noted that the production cost of confectionery products will also rise by 15%. These sectors of the food market are heavily dependent on raw material imports, which, apart from the depreciation of the ruble, is affected by rising prices of cocoa beans and declining tea yields.

The media outlet reports that there are limited opportunities for increasing prices for consumers living in a savings mode. Therefore, experts believe that retailers will have to negotiate with producers.