The Russian government can legally implement price caps on flour, wheat, buckwheat and salt in 45 regions since the prices of the foodstuffs have increased by 30 percent in the past four weeks, Russian business daily Vedemosti said on Tuesday.
A trade law that came into force this year allows the government to place price caps on any socially significant good for 90 days if the price of the product has increased by more than 30 percent within a 30 day period.
As of August 23, price regulation could have been introduced in 45 Russian regions, according to the ministry's food price monitors.
However, the government does not plan to rush into implementing the price caps, Economic Development and Trade Department Director Alexander Pirozhenko said. The department will wait until data from the Federal State Statistics Service for the whole of August are published on September 4 to further analyze the reasons for the price increases.
Price caps will only be introduced if inflation has been caused by speculation, Pirozhenko said.
A government official said price regulation was an extreme measure that would be treated with caution.
MOSCOW, August 31 (RIA Novosti)
