MOSCOW, October 15 (RIA Novosti) - Russia's government plans to reduce import duty on milk and dairy products from 15% to 5% for six months, the agriculture minister said on Monday.
Food price hikes have accelerated in Russia over the last few months following trends on global food markets. According to Russia's State Statistics Service, the fastest growth in September was demonstrated by rapeseed and soybean oil prices (13.5%), pasteurized milk (9.4%), fermented milk products (7.9%) and curds (7.4%-7.5%).
Alexei Gordeyev said the government would also introduce grain interventions in late October or early November.
Gordeyev said Russia's agriculture would experience rapid growth in foreign and domestic assets in coming years with investment figures predicted to double in the next five years.
The Russian government could also reduce import duties on soybean and rapeseed oils to facilitate the sale of these foods on the Russian market.
Taking into account food price growth, consumer prices in Russia grew 7.5% in the first nine months of 2007or 0.3% more than in the same period of last year. In September alone they climbed 0.8%, making the government's 8% inflation target for 2007 unrealistic.
