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FAS explained why food prices should rise

Prices for products must grow, otherwise manufacturers will not be able to receive adequate profits and invest in the development of production, said Andrei Tsyganov – deputy head of the Federal Antimonopoly Service (FAS) – during the interview with RIA Novosti.

It is impossible to develop production with low prices. Tsyganov also noted that the situation when prices are kept at the same level may indicate cartel collusion.

The rise in prices for poultry and eggs (according to Rosstat, eggs last year rose by 25.9%, meat and poultry - by 9.7%) was caused by the active development of this sector. He noted that thanks to this, Russia provided itself with poultry meat and eggs by more than one hundred percent.

However, according to him, this situation cannot continue indefinitely – companies must repay debts, which they have taken for the development of production.

“In general, no one is going to work at a loss,” summed up Mr. Tsyganov.

 

Source: www.ria.ru  

News
The Russian economy continues to lose its attractiveness in the eyes of large transnational businesses as consumers become poorer and the government continues the sanctions war with the West.

The Washington Institute of International Finance (IIF) sharply improved its forecast for the Russian economy. Its experts revised estimates of the fall in GDP in 2020 from minus 4.8% to 3.6%.

Net capital outflow from Russia by the private sector by the end of 2020 increased 2.2 times compared to the same period last year and amounted to $47.8 billion.

The decline in foreign direct investment (FDI) in the Russian Federation in January-September 2020 amounted to about 80%, according to the report of the World Bank (WB).
Net capital outflow from Russia since the beginning of the year has approached $48 billion.
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