Food prices in Russia have risen 31.6 percent since August 2014 Tuesday, August 2, 2016 4:23:00 PM

Since August of 2014, when Moscow first imposed a food embargo on countries that had imposed economic sanctions on Russia, food prices have risen by 31.6%, according to the Ministry of Economic Development, RBC reported.

“The introduction of food countersanctions to restrict imports in August 2014 was an important factor in the growth of food prices in late 2014 and early 2015, which resulted in imbalance and a reduction in competition. For two years, food prices rose by 31.6%,” a representative of the Ministry told RIA Novosti.

The representative explained that food prices had surpassed inflation by 1.2 times, and contributed to an overall inflation rate of 46%.

The price of food peaked in February and March of 2015, though since then, the market “has managed to adapt to the new conditions”, which slightly decreased prices in Russia.

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