The Russian government has ordered antitrust, law enforcement and other related agencies to monitor food prices and crack down on speculators, First Deputy Prime Minister Viktor Zubkov said on Friday.
Zubkov, who oversees the agro-industrial sector for the government, said some people wanted to cash in on the current difficult situation in Russia.
Bread prices have already increased in many parts of Russia due to a wheat shortage caused by abnormally hot and dry weather since mid-June that has destroyed the grain harvest across almost 11 million hectares of land.
The Federal Antimonopoly Service (FAS) said earlier on Friday it was probing three Russian bread making plants for raising bread prices by 20 percent.
Zubkov said there was enough grain and financial resources in Russia to supply the population with bread and other baked goods.
"In two to three weeks the market will stabilize and everything should fall into place," Zubkov said.
The government imposed a ban on the export of grain from August 15 to December 31.
Russian Deputy Trade Minister Andrei Dementyev has said the government can influence prices by setting caps on essential goods in any sector that has hiked prices by 30 percent or more, but this measure has yet to be discussed.
Teimuraz Kharitonashvili, a senior official at the FAS, said earlier on Friday that Russian dairy producers would be fined if they are found to be price gouging, following a recent scandal over excessive prices in the sector.
On Thursday, Russian President Dmitry Medvedev inspected several agricultural cooperatives in the south of Russia and was told that intermediaries were buying milk from farmers for 11.5 rubles (38 cents) per liter and selling it in retail stores for 32 rubles (around $1).
Seventh Continent, one of Russia's biggest food retailers, scrapped contracts on deliveries from Danone and Unimilk dairy producers due to a sudden hike in prices.
Vedomosti business daily said the FAS intends to fine dairy producers that have unjustifiably raised their prices 1.5 percent of revenue.
Dairy producers claim the price increases are justified since they have to take packaging, logistics, distribution and increased raw milk prices into account.
MOSCOW, August 13 (RIA Novosti)
