04:32 GMT +3 hours26 November 2014
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Rice, buckwheat prices double in Russian Far East

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Prices of rice and buckwheat in the Russian Far East city of Vladivostok have almost doubled in a week as a result of drought in western Russia and flooding in southern China.

Prices of rice and buckwheat in the Russian Far East city of Vladivostok have almost doubled in a week as a result of drought in western Russia and flooding in southern China.

The average retail price of the two grains has reached 60 rubles ($2) a kilogram from 35 rubles ($1.1) just one week ago.

The abnormal heat and drought in Russia this year has destroyed a quarter of the country's crops, forcing the government to ban grain exports and the Agriculture Ministry to cut its grain forecast to 60 million tons from 97 million tons last year.

The state statistics service registered an acceleration of weekly consumer price growth to 0.2 percent between August 3 and 9 for the first time in the last few months as grain, flour and cereals prices increased. Previously, weekly inflation rates did not exceed 0.1 percent.

The government has repeatedly said there are no grounds for bread prices to rise. President Dmitry Medvedev has ordered the government and the prosecutor's office to monitor prices on the agriculture market and foil those trying to cash in on the situation.

VLADIVOSTOK, August 24 (RIA Novosti)