MainNews -

Ukraine to suspend state regulation of food prices for three months

The pilot project will last until the year-end.

Ukraine to suspend state regulation of food prices for three months
Stepan Kubiv

The Cabinet of Ministers of Ukraine at its Wednesday meeting approved a pilot project of deregulation of food prices, to last from 1 October 2016 to 1 January 2017, UNIAN has said.

"The draft resolution is designed to conduct practical research of the effectiveness of price regulation, stipulated by government decree No.1548 of 1996 and the subsequent adoption of decision on the expediency of such a regulation," First Deputy Prime Minister, Minister of Economic Development and Trade Stepan Kubiv said while presenting the decision. According to Kubiv, the move will allow for the reduction of the administrative burden on business and for abandoning some outdated administrative practices.

As UNIAN reported earlier, previously the Ministry of Economic Development and Trade from 15 August intended to cancel the state regulation of prices for socially important food products. It also planned to monitor before November 15 the price situation in the market and before 15 December to decide on the renewal, restriction or cancellation of price regulation. The Ministry of Economic Development and Trade supports the idea of a complete abolition of the state regulation of prices. The ministry pointed out that, contrary to the idea of state regulation, the growth of prices for socially important food products has been well ahead of the average price increase for all types of foods since 2003. 

Read LB.ua news on social networks Facebook, Twitter and Telegram