Ministry says Russia monitors food prices in real time

MOSCOW, Mar 1 (PRIME) -- The Russian agencies are monitoring food prices in real time, which allows them to track fluctuations and the impact of international markets on the local prices, the Economic Development Ministry said in a statement on February 28.

Bloomberg said Russia was one of the so-called hot spots, including Brazil, Turkey, India, and Nigeria, where the consequences of price growth will be most serious because food accounts for the largest share of the consumer baskets.

“Analytic reports like these are purely theoretical. … The Federal State Statistics Service, the Economic Development Ministry, and the Federal Tax Service are monitoring food prices in real time, which allows us to track fluctuations and the impact of growth of international prices on the local market in a timely manner,” the ministry said.

The Russian government focuses on economic instruments that reduce the impact of international prices on the internal prices and on targeted support measures for food producers in the regions, the authority said.

Prices of agricultural producers change with the seasonal tendencies, and there is no reason for prices for any food to jump. Russian food remains one of the cheapest in Europe, and condition of the agricultural market is stable, therefore the ministry expects no deficit for any food.

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