The Ministry of Economic Development responded to reports of a “jump” in food prices in the Russian Federation

MOSCOW, February 28 – RIA Novosti. Russian specialized departments conduct operational monitoring of food prices, which allows them to track their fluctuations in a timely manner, the Ministry of Economic Development said.

Thus, the department commented on the material of the Bloomberg agency, which classified Russia as a kind of “hot spots” in the world food market. According to the agency's experts, the consequences of rising food prices in Russia, Brazil, Turkey, India and Nigeria will be the most serious, since in these countries people spend most of the consumer basket on food.

“Such analytics are speculative in nature,” the Russian ministry said.

The press service of the department noted that Rosstat and the Ministry of Economic Development, together with the Federal Tax Service, are monitoring the situation on the market and the impact of rising world prices on domestic ones.

As added in the ministry, the government is generally focused on economic instruments to reduce the effect of rising world prices, as well as targeted measures to support producers in the regions.

Food shortage is excluded

The Ministry of Industry and Trade, in turn, ruled out the shortage of products in the country.

“There are also no fundamental prerequisites for a sharp imbalance in the market in terms of price: the Russian government has enough tools to respond in time if the situation demands it,” the press service said.

Now Russia has a developed and diversified trading system, and the Ministry of Industry and Trade is “in constant contact” with retail chains, the Ministry of Agriculture, the Ministry of Economic Development and the Federal Antimonopoly Service, the department noted.

Seasonal price dynamics

The dynamics of prices of agricultural producers in Russia corresponds to seasonal trends, while food in Russia remains one of the most affordable in Europe, the Ministry of Agriculture said.

“The Russian government has taken a number of systemic measures aimed at stabilizing prices for basic food products. <...> There are no grounds for a sudden increase in the cost of food,” the department noted.

As pointed out in the Ministry of Agriculture, agricultural production in Russia is showing steady growth, which allows the domestic market to be provided with all major categories of food products and exceeds the threshold values for many indicators of the Food Security Doctrine.

“The Ministry of Agriculture of Russia assesses the current situation on the agro-industrial complex market as stable and does not expect a shortage of any types of foodstuffs,” the agrarian department concluded.

In December, the government announced a set of measures to address the rise in food prices. Producers and retailers have signed agreements to stabilize prices for sugar and sunflower oil. If producer prices do not decrease, it is possible to introduce an export duty on oil (at the same time, its rate for sunflower has been increased since January 9), as well as the abolition of the duty on the import of cane sugar into Russia.

From February 15 to June 30, 2021, a quota was introduced for the export of wheat, barley, rye and corn, as well as an export duty for wheat. State support measures are provided for sugar producers, bakers and millers. The bar of price fluctuations for socially important goods, above which there is a right to directly regulate their prices, was reduced from 30 to ten percent.

Author: wedocount

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