"Regulation is a rather delicate issue, but there is a basic rule stipulating that a 30-percent rise in prices over a month is a reason to introduce something like that," Medvedev told members of the United Russia party in the capital of Baskiria.
"Should we do it now? I think, there is no such a need at present, but we must certainly monitor the situation," Medvedev said.
The prime minister added that although a price regulation mechanism for the most sensitive product groups had been developed in 2010, it had barely been used by the authorities.
According to the Federal State Statistics Service, consumer prices in Russia saw an 11.4-percent increase in 2014, the biggest hike since 2008, when prices rose by 13.3 percent.
Authorities have cited falling oil prices and geopolitical tensions due to the West's isolationist policy toward Moscow as reasons behind the current economic downturn in Russia. The ruble has lost about half its value against the dollar since mid-2014.
