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Russian retailers, suppliers, producers to sign food price control agreement

September 15, 2014, 18:20 UTC+3 MOSCOW
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MOSCOW, September 15. /ITAR-TASS/. Russia’s retail chains, suppliers and producers have agreed to sign on September 16 a memorandum that would prevent unjustified food price hikes amid import bans, according to the draft obtained by ITAR-TASS on Monday.

Market players are planning to watch food prices, prevent unjustified reductions of supply and control quality.

“No one is saying that prices should not rise. But they should not rise unjustifiably,” Andrei Karpov, Executive Director of the Association of Retailers, told ITAR-TASS.

The memorandum will be signed by major Russian retailers such as Magnit, X5 Retail Group, Auchan, Dixi, and Metro, as well as leading food producers.

In late August, the federal government gave up plans to introduce state regulation of food prices during the food embargo.

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