MOSCOW, Feb 9 – RIA Novosti. The weakening of the ruble and the rise in prices on world markets have become the main factors behind the jump in food prices in the Russian Federation, said the head of the Ministry of Economic Development, Maxim Reshetnikov, during a speech in the State Duma.
“At the end of last year, we faced another challenge – the acceleration of inflation and the rise in prices for a number of products, primarily food products, socially important essential products. What factors influenced this? Firstly, it is the dynamics of the exchange rate. The weakening of the ruble fully manifested itself towards the end of autumn, when consumer demand recovered. This background was superimposed on the second wave – therefore, the transfer of the exchange rate into prices was stronger and concentrated in November-December, “he said.
Speaking about the rise in prices on world markets, the minister noted that the largest food importing states have increased purchases in order to form additional reserves.
“Harvest forecasts have changed in some regions of the world. In addition, ultra-soft monetary policy in many countries, including the purchase of financial assets by central banks, has played a role. All these funds ultimately formed a large speculative capital, it came to the commodity market , warmed up the demand, as a result of which the volatility in world markets, that is, price fluctuations, price increases, increased significantly, “he added.