Minpromtorg says no need to intervene in Russian pricing dynamics

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There is currently no need to intervene in pricing, according to Deputy Minister of Industry and Trade Roman Chekushov.

He noted that the ministry has not observed an increase in markups by retailers on socially important and seasonal goods, stating that the industry is "self-regulating."

"We do not see that any of the above-mentioned segments are operating with inflated markups and excessive profitability. Therefore, we do not see any reason to react," Chekushov was quoted as saying by the Russian state news agency RIA Novosti.

He stressed that "if the industry is functioning well, there is no need for additional regulation," but added that the Ministry of Industry and Trade would use available mechanisms if necessary.