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MOSCOW, August 2. /TASS/. No significant changes in food prices are expected in Russia in connection with the food embargo extended until 2017 year-end, press service of the Ministry of Economic Development told TASS on Tuesday.
"Extension of food embargo until 2017 year-end is present in all forecasts but main effect of sanctions introduction already showed up. Hence no significant change in food prices is expected," the ministry said.
Impact of this factor virtually exhausted by the send half of 2015, the ministry reported. "Foods market managed to adapt to new conditions: procurements at lower prices started. The process of foods import substitution by cheaper domestic products was also proactive," the ministry said.
Hence food inflation declined to 6.2% in annual terms in June 2016. "Inflation input of food prices hike declined on an annualized basis from maximum of 52% in February 2015 to 31% in June 2016," the ministry reported.