Russia is effectively containing inflation, despite the global trend, assures Kremlin – Business & Economy

MOSCOW, April 27. / TASS /. Rising prices for food and other items can be attributed to the current situation around the world, but the Russian government has been able to stem this trend domestically, Kremlin spokesman Dmitry Peskov told reporters on Tuesday.

The central bank had previously reported that the population’s inflation expectations rose to 11.9% in April.

When asked what might be behind these fears and how justified they are, the Kremlin spokesman reminded them that it was primarily the government’s responsibility to deal with such issues.

However, he noted that there are “certain global trends related to the price increases in food and other products”.

“You know that these global trends in our country have been contained thanks to the work of the government, but it is still difficult to escape the global trend as such. But that is certainly one of the factors.” [behind rising food prices in Russia]”, Explained Peskov.

Earlier this month, the Russian Ministry of Economic Development reported that it was forecasting an inflation rate of 4.3% by the end of 2021, but should return to the target level of 4% in early 2022.

Rising food prices

In December 2020, Russian President Vladimir Putin called for the prevention of any situation in which the country’s residents lack enough money for food. In particular, he combined the food price increases with the attempt to adapt domestic prices to the world market situation and called for immediate reactions to negative developments.

A week later, the Russian Ministry of Industry and Commerce, the Ministry of Agriculture, the country’s largest retail chains and food manufacturers signed agreements to stabilize sugar and sunflower oil prices. In addition, a bill for the state regulation of prices for socially important goods was drafted and passed.