Food prices in Russia increased by 31% after the introduction of contracti

For two years, during which Russia has a food embargo, the price of food rose by 31.6%, reported “RIA Novosti” the representative of the Ministry of economic development.

“For two years, the prices of food goods grew by 31.6 percent,” he said. Food prices have outstripped inflation by 1.2 times and made inflation 46% growth.

The contribution of food prices to inflation showed a peak in February-March 2015 (52%). However, according to the interlocutor of the Agency, the market managed to adapt to the new conditions”, in particular importers shifted to other suppliers and started to buy goods at lower prices. Also were in the process of expanding import substitution of food products cheaper domestic products”, — said the representative of the Ministry of economic development. In June, the contribution of food price inflation decreased to 31%.

In late June, President Vladimir Putin extended the embargo until 31 December 2017. It was introduced in 2014 in response to the restrictive measures Western countries have introduced against Moscow after the annexation of Crimea and aggravation of the situation in the Donbass. Russia has restricted the import of certain products from USA, EU, Canada, Australia and Norway.