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The food price in Russia is out of control, the government is considering price control

Pubtime:2015-02-09Author:Source: Hits:

Media reports in February 3rd, Russia's food prices are out of control, forced government officials considered  price control for the 'basic food products' to curb the soaring inflation.The news media quoted the Russian Deputy Prime Minister Arkady Dvorkovich, 'we will consider how to make this price limitation into legislation effectively.' He also said that the government may give the 'national competition regulators more power to enforce the existing retail market supervision.'

However, the Moscow Times reported that 'there is no specific scope of basic food products'.

Inflation in Russia has been in the 11.4%, reached highest level since the financial crisis, and two weeks ago, the Russian Deputy Minister of economic forecast, the inflation rate may reach 17% in March.

The implementation of sanctions from western countries, and out of revenge,Russia bans certain import of western food, plus the plunge of the ruble exchange rate would lead to the spike in inflation.