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Russia’s agriculture ministry sees no reason for setting caps on food prices

The ministry says it is monitoring the price situation on the markets of agricultural products on the daily basis

© ITAR-TASS/Artyom Geodakyan

MOSCOW, August 16. /ITAR-TASS/. Russia’s Agriculture Ministry at the moment sees no reasons for setting caps on food prices that manufacturers and providers would be expected to observe in the wake of restrictions on imports from certain countries in retaliation for economic sanctions.

The ministry says it is monitoring the price situation on the markets of agricultural products on the daily basis.

“As at August 14 no considerable changes in the prices charged by farm producers and food manufacturers were observed,” the ministry told ITAR-TASS, adding that there was no reason in sight for setting restrictions on the prices of certain groups of goods along all stages of the production chain.

Russia’s federal law on trade reserves the possibility of government control of prices of certain socially significant goods in case their price surges 30% over one month. The rule was introduced back in 2010 after a prolonged drought. It has never been used since, though.

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