Page 38 - RusRPTFeb22

Russia's largest retailers X5 Group, Magnit and Bristol suggested to the Federal Antimonopoly Service (FAS) that the price margin for essential goods should be capped at 10%, Kommersant daily reports.
As followed by bne IntelliNews, at the end of 2021 annual inflation in Russia ran at 8.4%, more than double the target of the Central Bank of Russia (CBR) that carried tight monetary policy over into 2022.
The chairman of the CBR, Elvira Nabiullina, previously warned the rate of price increases for food has reached double digits, and the most vulnerable will suffer first from inflation.
The new price growth limitations will cover over 20 categories and will be effective as of January 12, according to the representatives of X5. Magnit said that over 200 items will be concerned and both retailers said they are ready to maintain the caps throughout 2022.
The representatives of the Ministry of Industry and Trade told Kommersant that previously the margins for essential goods were estimated at 15-16% by FAS, and that the watchdog expected the retail chains to cut the margins further.
38 RUSSIA Country Report February 2022 www.intellinews.com