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Russia's FAS Set To Monitor Prices Of 'Socially Significant' Food Products

Published on Aug 23 2021 10:17 AM in Retail tagged: Trending Posts / Lenta / Russia / Magnit / X5 Retail Group / Paywall / Sova Capital / FAS / Federal Antimonopoly Service

Russia's FAS Set To Monitor Prices Of 'Socially Significant' Food Products

Russia's Federal Antimonopoly Service (FAS) is to monitor the prices of 24 'socially significant' food products, including meat, fish, milk, eggs, cereals, tea and bread items, as part of an initiative to prevent unjustified price increases in the marketplace.

The measure follows a dispute between the FAS and a number of leading retail chains, including Magnit, X5 Retail Group and Lenta, on the back of customer complaints about increasing food prices.

Regular Reporting

While the dispute is close to being resolved, according to local media reports, food chains will be required to report food prices on a regular basis – the first such report is expected on 1 September – while also ensuring that any price mark-ups are fair.

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