Russian government instructed to prepare measures to curb prices for vegetable oil and sugar

Published 2021년 11월 15일

Tridge summary

Deputy Prime Minister Victoria Abramchenko has requested a forecast and recommendations from various ministries and the Federal Antimonopoly Service on the domestic prices for sugar and vegetable oil, in response to global food price increases. Despite anticipated production growths in sugar beet and sunflower, there is concern about market stability. The Ministry of Agriculture is considering import tariff quotas and duty adjustments to control prices. Experts believe that existing duties have successfully stabilized the domestic market, and additional measures may cause volatility. The Central Bank reported an annual inflation rate of 8.13% in October, largely due to food price increases, with the highest monthly consumer price gains since April 2015.

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Original content

Deputy Prime Minister Victoria Abramchenko instructed the Ministry of Agriculture, the Ministry of Economic Development, the Ministry of Industry and Trade and the Federal Antimonopoly Service to prepare a forecast for the government on domestic prices for sugar and vegetable oil, as well as proposals to contain them "taking into account the global trend of rising food prices," RBC writes. The representative of Abramchenko confirmed to the publication the fact of the order, the press service of the FAS and the Ministry of Economic Development reported that they had received the order. The Ministry of Industry and Trade clarified that the main executor is the Ministry of Agriculture. The representative of the agricultural department told RBC that this year the production of sugar beet and sunflower is expected to grow, and the harvested crop "will provide the domestic market with processed products in the required volumes." To maintain a stable situation in the sugar market, the ...

Source: AgroInvestor