Thursday. 30.03.2023

Research warns of shortages and price increases for coffee and fruits due to Covid-19

Coronavirus does not pose a threat to Finland's food security but it may have effects on imports and prices, says Pellervo Economic Research.

Coronavirus (koronavirus, in Finnish) already has affected the world economy. Its reflections also affect the Finnish food supply.

According to Helsingin Sanomat, Pellervo Economic Research has investigated the effects of the epidemic on food supply and released a forecast. According to the projection, the interest rate crisis may raise the price of food in the short term but otherwise the situation in Finland is largely in order.

The coronavirus epidemic does not pose an immediate threat to Finland's food security. The coronavirus is also not currently a threat to world food security.

The biggest risk to food security will emerge if large-scale export restrictions or bans are imposed on food.

Despite the petitions, some export restrictions have already been imposed.

Even if export restrictions expand worldwide, they are not a significant concern for Finland. Finland's self-sufficiency rate in food is about 80%.

Imported food "not necessary"

Pellervo's forecast emphasizes that most of the food imported into Finland is not necessary from the point of view of security of supply.

If the epidemic continues for longer than expected, Finnish stores would be the first to run out of fruit and coffee imported from abroad. There could also be a shortage of agricultural fertilizers imported to Finland.

The increase in food prices in January-February 2020 averaged 1.4 percent. According to the forecast, the price of food may rise slightly further in the short term.

Research warns of shortages and price increases for coffee and fruits due to Covid-19