consumption
Handel thinks higher prices are possible because of the Ukraine war
ARCHIVE – Vodka and Krimsekt in a Russian supermarket in Berlin. Photo: Marc Tirl/dpa-Zentralbild/dpa
© dpa-infocom GmbH
Whether it’s vodka or sweets, there are only a few products from Russia on German supermarket shelves. Their omission is of little consequence. Nevertheless, noticeable consequences of the war are also possible in trade.
From the point of view of retail, the consequences of the Ukraine war could possibly also have an impact on customers at the checkout.
In view of Russia’s importance as a gas and oil exporter, the rise in energy prices could accelerate again, the German trade association said on request. “This would affect companies along the entire value chain, from agriculture and manufacturing to retail, and ultimately also have an impact on higher consumer prices.”
Significantly higher energy prices have been driving inflation in Europe for months. After the Russian invasion of Ukraine, oil and gas prices continued to rise. This is one of the reasons why economists are anticipating relatively high inflation this year.
Extremely small scope
According to the trade association, a tighter supply in the trade is unlikely due to the war in Ukraine and the associated sanctions. “On the German retail market, products from Russia are of little importance,” it said.
Imports of agricultural and food products from Russia are at a very low level. “Possible effects on the range of durable and consumer goods such as food would therefore only be expected to a very small extent.”
On Monday, the Netto discount chain, which is mainly represented in northern and eastern Germany, announced a boycott of Russian goods. In protest against the war, all products made in Russia are taken off the shelves. This affects around 15 items, including confectionery, ready meals and spirits such as vodka.
Non-commercial companies also announced changes. The world’s largest truck manufacturer, Daimler Truck, is suspending all business activities in Russia for the time being. The cruise line Tui Cruises canceled the Russian port city of St. Petersburg because of the Russian attack on Ukraine.