Head of the Ministry of Economic Development: the rise in food prices in the world is definitely not over

The rise in food prices in the world is a process that is definitely not over, said the HEAD of the Ministry of Economic Development of the Russian Federation Maxim Reshetnikov.

“In August, unfortunately, the non-food price index caught up and overtook the food price index, so you need to understand that this is a single process that started earlier in the food group, then switched to non-food. This is a natural reaction of the world economy to active emission, to budget deficits, to a long period of loose monetary policy,” the minister said, speaking at the Moscow Financial Forum.

“Unfortunately, this is a process that is definitely not finished. Because even in the food segment, we see that prices for both wheat and sunflower oil resumed in August. This is all fueled by very different yield estimates in different regions of the world. This is what we have to continue to work with,” said Reshetnikov.

In the fight against inflation, it is very important for the authorities of the Russian Federation not to damage investment incentives and not cause a shortage of goods, the head of the Ministry of Economic Development added. “It is very important for us in our efforts to curb inflation not to destroy the market institutional basis of our economy, not to damage investment incentives, because we all know from history, this is what we are afraid of, that the administrative regulation of prices very quickly leads to deficits,” Reshetnikov said.

The Ministry of Industry and Trade announced the stability of food prices 

He added that there are no easy solutions in the fight against inflation, we need to think about the long-term rules of the game.

“Easy decisions to fight inflation, it seems to me, everyone understands perfectly, there are none. And when making decisions, we must think about long-term incentives, about long-term rules of the game, because, of course, business is very concerned about the predictability and predictability of the measures that are being taken. And we must constantly think about it, ”summed up Reshetnikov.

And this fact will be taken into account when preparing the monthly analytical report Meatinfo.ru