Food prices depend on speed of substitution of Turkish imports

Food prices depend on speed of substitution of Turkish imports

Food prices may slightly rise in Russia if the country is not able to quickly replace Turkish imports, the Deputy Economic Development Minister Oleg Fomichev stated.

"On the one hand, it affects turnover, on the other hand, a significant part of production is food. If we will not be able to quickly replace imports there is the likelihood of food prices rising, although minimal, because the share is pretty small in the total share of foodstuffs," he said at an economic forum in Dubai.

Oleg Fomichev noted that the restrictions that are imposed on the Turkish side won't affect the ruble exchange rate, TASS reports.

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