Ministry of Finance: there is no strict administrative regulation of food prices in Russia

The government is concerned about high food prices, but there is no strict administrative price regulation in Russia; there are many other mechanisms. This was stated by Finance Minister Anton Siluanov at the St. Petersburg International Economic Forum (SPIEF).

“There is no such thing that we say that tomorrow in stores bread is sold for 100 rubles. Therefore, there is no need to overheat this situation here. Yes, we are worried about the situation with high prices. But there are many market instruments. My position is that we do not have a rigid administrative pricing. We have enough mechanisms, ”said Mr. Siluanov.

An increase in food prices in Russia was recorded in December 2020. Then the Prosecutor General’s Office of the Russian Federation reported a sharp rise in prices for sugar (+ 71.5%), sunflower oil (+ 23.8%), flour (12.9%) and bread (6.3%), after which the department began to check. In the Ministry of Industry and Trade, the rise in prices was associated with the desire of manufacturers for greater profits during a pandemic.

As Kommersant reported earlier, due to the lag in sowing sugar beet this year, as well as the end of June 1, the government’s agreement with producers and suppliers to freeze prices, sugar may rise in price again.

Read about the economic situation in the country in the publication “Kommersant FM” “The rise in prices is fueling inflation expectations.”