JRL NEWSWATCH: “Russia’s biggest retailers cap food prices after Kremlin intervention” – Financial Times/ Max Seddon

“Government says it will regulate cost of ‘socially significant goods’ if they climb more than 10%”

“Russia’s top retailers have imposed caps on food prices … [T]he Kremlin moved to halt spiralling costs on essential goods …. sensitive to criticism of its economic record … having spent a much smaller percentage of [GDP] on … coronavirus relief … than other industrialised countries. As many as 20m Russians are … in poverty … unemployment has jumped from 4.7 per cent in March to 6.3 per cent in October. Real incomes fell 4.3 per cent from January to September. The government expects GDP to contract by 3.9 per cent this year. … Putin … has spent nearly all of the pandemic in isolation ….”

Click here for: “Russia’s biggest retailers cap food prices after Kremlin intervention; Government says it will regulate cost of ‘socially significant goods’ if they climb more than 10%” – Financial Times/ Max Seddon