London: Following the hike in sugar prices in the country, Russia has started taking steps to keep the sweetener rates under control.
According to the media reports, Russia’s anti-monopoly regulator has initiated action against the sugar producer in the country over the charges of irregularity in the business. The regulator said that it had launched an investigation into major sugar producer Prodimex. The producer is suspected of illegally “coordinating the economic activity” of the retailers that have resulted in increasing sugar prices in the country.
The sugar prices in the domestic market have reached a peak in recent weeks, accelerating inflation.
According to the Russian authorities, there is sufficient sugar stock in the country to cater to the domestic demand, and the consumers should not get panic and hoard sugar fearing shortages. The government is closely keeping watch on any kind of illegal activities related to the sugar business.
