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The Food Embargo Impact on the Level of Food Expenditure of St.Petersburg Residents

Student: Bulatova Anastasiia

Supervisor: Ivan D. Kotliarov

Faculty: St.Petersburg School of Economics and Management

Educational Programme: Economics (Bachelor)

Year of Graduation: 2016

The topic is the impact of the food embargo and other factors on food spending residents of Saint Petersburg. The problem of this study was the ambiguity of the food sanctions impact on the consumer spending on food. During the research the following tasks were performed: the description of the embargo’s chronology from 2014 to 2016; the definition of the basic mechanisms of behavior of contractors doing business in the food sector; Econometric analysis of the food spending dependency on the embargo, the GDP change, the cost of Brent crude oil and the Consumer Price Index. The following results were obtained: the availability of food embargo and rising oil prices increase food waste. The GDP growth, in contrast, reduces them. Influence of the consumer price index reflects on food spending in different ways, depending on the product category. In addition, the forecast of expenditure on food in the III quarter of 2016 was created by the main research model. Thus, the study clearly showed that the embargo significantly increases consumer spending on food, despite the fact that its purpose is the import substitution. In fact, consumers finance import substitution in the agricultural sector.

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