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Russia's economic development ministry not considering introduction of food price ceilings

The press service commented on a report by the Izvestia newspaper published on Monday that the ministry is mulling plans to set the price ceilings on sugar, white cabbage and chicken eggs

© Vitaly Nevar/TASS

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Russia could introduce price controls on food — report

MOSCOW, February 9. /TASS/. Russia’s Ministry of Economic Development is not considering a possibility of introducing the price ceilings on essential foodstuffs in the regions, the ministry’s press service said on Monday.

The press service commented on a report by the Izvestia newspaper published on Monday that the ministry is mulling plans to set the price ceilings on sugar, white cabbage and chicken eggs, which saw a 30% growth in prices over the last month.

The ministry stressed that it is up to the Russian government to introduce the maximum retail prices for a short-term period. The ministry itself is only collecting and analyzing information on the prices on the market.

An analysis carried out by the ministry has shown that the price on buckwheat in the Russian regions grew more than 30% in November-December 2014. The ministry has demanded that the regions explain the reasons for the price growth.

Under the current legislation and international agreements, the Russian government can set the retail price ceilings. These restrictions cannot last for more than 90 days and can be introduced just once in a year.

The ministry noted that the data provided by Russia’s governmental statistics agency Rosstat shows a significant slowdown in the growth of the price on buckwheat starting from mid-December 2014.

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Economy Economic Development Ministry

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