Food prices soar in Sverdlovsk Region, Minister says

27 August 2008 (08:35)

‘Prices keep rising drastically in Sverdlovsk Region, and food prices are no exception. One has to realize, however, that the region cannot be isolated from the events that affect the whole country’s economy,’ First Deputy Head of Sverdlovsk Region Government and Minister of Economics and Labor Mikhail Maximov said in the course of a press conference in Yekaterinburg.

‘One fundamental challenge Russia has to face is related to the fact that people’s expenses go up faster than their actual income. The country’s income rose by 8%, while the spending increased by 16%. This can’t go on for much longer, otherwise we’ll lose all of our competitive advantages,’ he added.

‘The solution to the problem can only be found by the entire federation’s efforts; a whole set of measures is needed, and one region is incapable of dealing with them independently. The only thing we can do is create better conditions for money-making, while the inflation is something one region just cannot fight,’ the Minister observed.

Other materials on the topic::