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Ministry of Industry and Trade Russia admits price increase for imported products

Imported products may rise in price over time due to the situation on the world markets, said Minister of Industry and Trade Denis Manturov. Although in general the Ministry of Industry and Trade Russia has not yet recorded a serious increase in food prices.

“If we are talking about imports, then a gradual increase in prices, of course, can occur due to the fact that there are differences in exchange rates and different trends in world markets associated with other countries where we buy this or that product”.

The minister explained that in Russia, for example, coffee is not grown, and tea – only in the Krasnodar region and its volume is not enough. “But at the same time, we grow herbal teas, Ivan-tea, for example, and here we are not dependent on imports”, said Denis Manturov.

The minister also noted that other countries have limited the supply of non-food products, primarily personal protective equipment and medical equipment for combating coronavirus, but in Russia they treat this “with understanding”.

In Russia, due to the spread of coronavirus, there was a rush of demand for essential goods. Agriculture Minister Dmitry Patrushev said this week that the agency excludes the possibility of food shortages. And the head of the department of trade and services of Moscow, Alexei Nemeryuk, informed about the formed stock of products for 35-40 days. The demand for cereals has recently declined.

 

Source: www.kommersant.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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