Russian retailers froze prices for 2 months

Noam Stiekema

The biggest Russian retailers froze prices for 2 months. The retailers, which are part of the Association of companies for retail (Magnit, X5 Retail Group, Ashan, Dixie, Metro Cash & Carry, tape, etc) have agreed to try to deal with the growing prices and pressure from officials. The contract was sent to the Federal Anti-monopoly […]

retailers Russia

retailers RussiaThe biggest Russian retailers froze prices for 2 months. The retailers, which are part of the Association of companies for retail (Magnit, X5 Retail Group, Ashan, Dixie, Metro Cash & Carry, tape, etc) have agreed to try to deal with the growing prices and pressure from officials. The contract was sent to the Federal Anti-monopoly Service of Russia, as it provides traders to determine retail prices for socially significant products. If Anti-monopoly office approved the agreement, commodity prices will remain frozen for two months.

The Deputy Chief of the Office confirms that the association will receive a positive response within a few days. Traders will have the right to define themselves and the list of products that will be covered by the measure. As socially important goods in Russia are determined beef, pork, lamb and chicken, uncleaned frozen fish, milk and some dairy products, sugar, salt, oil, some cereals, potatoes, cabbage, carrots, apples and others.

The sharp rise in food prices in Russian shops lead to prosecution inspections of shops and Deputy Prime Minister Arkady Dvorkovich warned that the government may resort to price regulation. However, if frozen retail prices of certain goods retailers might go with smaller losses.

Separate circuits for some time offer different basic packages of popular goods. Dixie as fixing the price of a monthly package of basic foods – buckwheat, rice, millet, pasta, oil, butter, flour, frozen fish and dumplings, and retain the mark of 15% of other popular products.

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