Russian authorities recognized that the restriction of prices for products is a temporary measure, at the expense of which it is impossible to ensure the peace of mind. This was told by the head of the Central Bank Elvira Nabiullina, her words lead RIA Novosti.
“Restriction of administrative prices for a number of socially significant products is only a temporary solution, but this is not what can ensure the peace of mind in the long run,” she said.
Earlier in May, Russian President Vladimir Putin announced the exacerbation of the situation with prices for socially significant products. According to him, this happens “against the background of an unstable world environment.” The government is confident that one of the reasons for price increases was the greediness of individual manufacturers and retail chains.
The government began to regulate the prices of some categories of goods since December last year, after the president of the country drew attention to inflation. It was assumed that the price containment mechanism will work until the end of March, but with respect to sugar it was extended until June 1, and in relation to sunflower oil – until October 1.
Chamber of Commerce and Industry (CCI) considered that such a regulatory mechanism creates threats to the country’s development. Instead of regulation, the TPP proposed other options for social support for the population, including the distribution of money and support of manufacturers.