A Russian official says the government is considering introducing price controls on some staple foods.

Interfax and state news agency RIA quoted Deputy Prime Minister Arkady Dvorkovich as saying on February 3 that the government could place restrictions on increases in the prices of "socially significant products."

He said the government was examining see "how to efficiently place [restrictions] into law."

Dvorkovich reportedly also said the government may give Russia's competition watchdog more power to enforce current retail market regulations.

The Russian economy has been hit hard by an oil-price collapse, and the ban Russian imposed ban on most Western food imports in response to sanctions over its interference has driven up prices on many agricultural products.

The Economy Ministry has forecast an inflation rate of some 12 percent in 2015.

Dvorkovich's comments come after a series of inspections of Russian grocery stores by the Prosecutor-General's Office aimed at uncovering unjustified price increases.

Based on reporting by Reuters, Interfax, and TASS