17:51 18.03.2021

Business and govt agree to stabilize prices for socially important goods - EBA

2 min read
Business and govt agree to stabilize prices for socially important goods - EBA

The Ministry for Development of Economy, Trade and Agriculture in order to fulfill the instructions of the government and the president has held consultations with business associations, during which business agreed to maintain the current price level and provide the domestic market with the main types of domestic food, the European Business Association (EBA) has said.

"Realizing the need to stabilize the price situation in major markets, the companies assured that they will take all necessary measures to stabilize the prices of food products of significant social significance. We hope that the government will also abide by the agreements and will amend Cabinet resolution No. 341," the EBA said on its website.

"The European Business Association, the Ukrainian Retail Association, the Union of Poultry Farmers of Ukraine, Ukroliyaprom, the National Association of Sugar Producers of Ukraine, the Millers of Ukraine Union, the Ukrainian Bakers' association, Ukrkhlibprom participated in discussions with the ministry," the report says.

"All parties agreed that the domestic market is fully supplied with basic domestic food in accordance with the forecast balances of supply and demand," it says.

"At the beginning of the pandemic, there was a significant increase in prices for various goods across some regions of Ukraine. According to the Antimonopoly Committee of Ukraine, for the first three weeks of March 2020, prices for buckwheat increased by more than 50%, millet – by 24%, sugar by 16%, potatoes by almost 60%, prices for onion and carrots doubled, etc.," the report said.

"On April 22, 2020, Cabinet resolution No. 341 on measures to stabilize prices for goods of significant social significance, anti-epidemic goods was adopted. Given the practice of applying the procedure of declaring prices, companies have repeatedly appealed to the Ministry of Economic Development with a proposal to consider amending resolution No. 341," according to the document.

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