Russian retailers predict rising prices for autumn clothing, footwear

According to the Russian “Business Consultant” report on July 22, affected by the epidemic, the cost of shipping between Asia and Europe has increased several times compared with last year. Since the beginning of this year, cotton prices have increased by 35%, and the material costs of all petroleum products have also increased significantly. The weak ruble affects product prices. According to data from the Russian Statistics Bureau, the retail prices of most products increased by 4-5% from January to June this year. According to retailers’ predictions, prices of clothing and footwear may rise by at least 10% in autumn and winter due to rising logistics and raw material costs. Since last year, construction materials, lumber and metal prices have reached record highs, leading to increased operating costs, and retailers have said they will maintain prices by reducing profits for now, but not indefinitely.