RosStat: Grain and bread price growth is artificial

Ulan Ude / RU. (itt) Head of the Russian Federal Statistics Service (RosStat) Vladimir Sokolin told Itar-Tass in an interview that the growth of grain and bread prices has no economic reasons, it has been caused artificially by stirred up inflationary expectations. «According to statistics, Russia’s grain reserves as of July 1 this year are larger than last year and RosStat has published this information», the official pointed out. Certain market participants have not only ignored the objective information, but organised in mass media publications stirring up inflationary expectations, Sokolin stressed. «At the same time everybody for some reason has forgotten that since 1992 Russia has had no food crises, and its export potential currently reaches ten to 15 million tonnes of grain», the RosStat head stressed. As a result, in his view, even in the event of poor harvest it will be possible to correct the internal grain balance by means of lowering of the export share.
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