Kremlin warns against panic buying as prices soar

With sanctions starting to bear heavily on the country, the Kremlin has warned against panic buying as prices soar with staple goods such as sugar and buckwheat in short supply.

Kremlin spokesman Dmitry Peskov told reporters on Friday 18^th:  “Russians have absolutely no need to run to the shops and buy-up buckwheat, sugar and toilet paper.

“The fuss around supplies in food stores is extremely emotional.”

Prices are rising rapidly in Russia with the cost of staple goods rising more than 15 percent over the last two week according to data published by the Rosstat statistics agency shows.

Western financial sanctions have caused the rouble to fall dramatically, which along with airspace bans has disrupted the supply of imported goods and foods into the country.

Shortages of many items have been reported across the country including sugar, despite Russia being a major exporter of the commodity. Agriculture Minister Dmitry Patrushev told the state-run Rossiya-24 TV channel: “Sugar deliveries are going on without interruption and factories are working round-the-clock.

“As for the coming season, we are significantly increasing the land dedicated to growing sugar. That will allow us to provide enough sugar not only for Russia, but also our partners in the Eurasian Economic Union.

Peskov also said the government had “not formed a position” on whether it would seek to create a government sugar monopoly to control supply and prices, however they have banned the export of sugar and some other commodities.

It’s one thing warning people not to panic buy, but as the Kremlin should be well aware shortages and soaring prices will result in people doing so if it means protecting their limited income.

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