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Economists expect food prices to keep growing

Most economists expect the prices of foodstuffs to keep going up in the future, because this trend can be seen worldwide. According to a report by the Slovak Agriculture and Food Chamber (SPPK), foreign forecasts differ in the rate of growth.

Most economists expect the prices of foodstuffs to keep going up in the future, because this trend can be seen worldwide. According to a report by the Slovak Agriculture and Food Chamber (SPPK), foreign forecasts differ in the rate of growth.

"Slovak analysts expect the prices of foodstuffs to grow by approximately four percent to seven percent, which should not threaten Slovakia’s plans to join the eurozone in 2009," the report reads.

According to the report, one of the most important factors that influence prices is the changing structure of demand on the world markets, spurred chiefly by more imports from large Asian countries. However, the development of bio-fuels, growing purchasing power and the trade policies of big distribution retail chains also play an important role.

The price pressure has forced food producers to use cheaper raw materials in order to be able to offer cheaper foodstuffs, which consumers have to realize, the report says. Retail chains, which sell around 70 percent of food in Slovakia, have acquired a dominant position on the market. According to SPPK, they use the position to step up their demands towards suppliers.

-SITA

Compiled by Zuzana Vilikovská from press reports

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