Russia will not curb soaring food prices: minister

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The Russian government will not intervene to curb prices for basic food stuffs as inflation soars after the country's worst ever drought, Economic Development Minister Elvira Nabiullina said Tuesday.

"I think it does not make sense to impose (price) limits," Nabiullina was quoted by Russian news agencies as saying.

"We are of course monitoring what is happening to prices. In August, the average weekly rate of inflation sped up. This is primarily due to the drought," she said.

Under Russian law, the government can impose caps on the prices of flour, millet, buckwheat and salt if they jump by more than 30 percent over a 30-day period.

Forty-five Russian regions saw prices for certain foods grow by more than 30 percent in the 30 day period up to August 23, Vedomosti business daily reported on Tuesday, citing a report by the economic development ministry.

© 2010 AFP

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