The Ministry of Economic Development explained the meaning of monitoring food prices

Price monitoring will allow the Russian government to interact with business in order to prevent the impact of rising world food prices on the domestic market, said the HEAD of the Ministry of Economic Development (MED) Maxim Reshetnikov at a briefing with journalists.

“We need a monitoring system in order to use economic mechanisms, economic measures to interact predictably with business in advance, to make these decisions so that external inflation, and our main problem is imported inflation, world price inflation, especially for food, .. did not switch to the domestic market and did not hit the incomes of the population,” he said.

He stressed that economic mechanisms, unlike administrative ones, require a certain amount of time to be developed and implemented in order for them to work.

“Therefore, it is very important to monitor the situation and see the processes, as they say, in the bud in order to take timely measures,” the minister said.

Reshetnikov also explained that economic mechanisms, as a rule, are complex, that is, they require the adoption of simultaneous decisions: the allocation of subsidies, subsidies, customs and tariff policy, decisions on EXPORT or import duties, quotas, and possibly tax instruments.

The Ministry of Industry and Trade opposed new agreements on price containment

“They are complex, so the participation of all authorities is required. The monitoring procedure assigns responsibility for certain groups of socially significant goods to specific federal authorities, so that they develop measures in time to carry out regulation in advance,” the minister said.

He clarified that a wide range of information is used in this case: from CCP, FAS, various statistics. The analysis of the impact of measures on the current situation takes place weekly with the participation of all departments, Reshetnikov noted.