Poland is selling 1,000 metric tons of its vast frozen butter reserves in an unconventional move to tackle rising inflation [Fortune]
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Source: Fortune
The Central European country is selling as much as 1,000 metric tons (or 1 million kgs) of frozen butter reserves in an auction announced this week. The auction aims to ease the staple food product's prices, which have spiked about 40% in Europe this year. Related Video The auction will take place in blocks of 25 kgs (55 pounds) each for a discounted price of about 28.38 zlotys ($7) per kg—at least 40% below in-store prices for unsalted butter, as listed by Polish supermarkets. The bidding process on the butter reserves will start on Thursday, with individual bids open for at least 20 tonnes, according to the Financial Times . However, the maximum the government would auction is the weight equivalent of an average of 1,000 giraffes. Releasing additional butter reserves could increase supply and ease prices in the run-up to Poland's presidential elections in May. The sale could help “stabilize the situation” as the reserves are meant to “maintain the continuity of supplies,” t
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