Mikhail Mishustin: “Price gouging, including monopolistic practices, must be dealt with harshly. The Federal Antimonopoly Service has a key part to play in this, and in some cases, the Prosecutor General’s Office should be involved as well. That is why these agencies are attending this meeting.”
Mikhail Mishustin’s opening remarks:
Mikhail Mishustin holds a meeting on economic issues
Good afternoon, colleagues.
Economic measures were reviewed in detail today during a meeting with the President, which many of you attended. The President emphasised that we face an important systematic task of transitioning to balanced growth with low unemployment and moderate inflation rates which is a major prerequisite for achieving national development goals and successfully implementing Government programmes and national projects.
Today, we will take a close look at consumer inflation rates, key problem areas, and the necessary solutions.
This issue matters for everyone in our country, especially ahead of the New Year holidays, when demand for a numerous goods shoots up and prices follow.
The President placed great emphasis on inflation during the Direct Line. Its rates exceeded 9 percent from January to mid-December.
The Government is addressing systematically the challenges posed by inflationary pressures on the economy. Several steps to that effect, including measures to balance supply and demand in each sector, to develop a supply-side economy, to launch new industrial projects, and to increase productivity, have been put together and implemented.
We are encouraging our trade partners from friendly countries to take part in these efforts. For example, the Eurasian Economic Commission Council’s decision to eliminate import customs duties on butter will take effect today and last through 15 June 2025.
The council also decided to extend this measure to sizable beef supplies throughout 2025, and potato, carrot, and apple supplies through July. Swift action is underway to draft regulatory papers to that effect.
Efforts are being made to saturate the domestic market with manufactured goods in order to maintain an acceptable market environment. Export quotas for mineral fertiliser and ferrous metal scrap have been introduced, along with discounts on agricultural machinery provided prices get fixed. Fertiliser, construction material, and metal product prices are being monitored to evaluate the effectiveness of these measures. We are also considering adding packaging materials to this list, as they affect prices for many goods, as we know from our Coordination Centre meetings.
Colleagues,
It is imperative to closely monitor the balance of supply and demand for all key goods and services, as well as for industrial enterprises and retail outlets. This makes it possible to manage fluctuations, accurately forecast the situation in a particular segment, and to prevent unjustified factory price increases.
Controlling inflation also includes constant monitoring of prices for a number of essential goods and services which must be done online daily.
Clearly, in a market economy, businesses focus on maximising profits, but it is crucial to keep things in balance and make sure this does not hurt people or the economy.
Price gouging, including monopolistic practices, must be dealt with harshly. The Federal Antimonopoly Service has a key part to play in this, and in some cases, the Prosecutor General’s Office should be involved as well. That is why these agencies are attending this meeting.
Let’s take a close look at the measures at hand and see if they are effective.
