Antitrust sees no reasons for further growth of sugar prices

MOSCOW, Nov 6 (PRIME) -- Russia’s Federal Antimonopoly Service continues a large investigation on the sugar market and does not see economic prerequisites for a further rise in prices, the service said on Friday citing Andrei Tenishev, head of the anti-cartel department.

According to the Federal State Statistics Service, sugar prices rose 18.3% on the month in October and jumped 57.5% since the beginning of the year.

“We are continuing a large investigation into the sugar market, which the service began at the beginning of the year. Checks are being carried out in a number of organizations, including in the spring we checked companies Rusagro and Prodimex. There are no objective economic prerequisites for further price increases. If we find signs of collusion, then we will take antimonopoly response measures,” Tenishev said.

The Agriculture Ministry said it expects stabilization of prices on the Russian sugar market after the completion of sugar beet harvest.

The ministry also estimated the situation on the Russian food market as stable.

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