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19 Jan, 2008 19:30

Inflation heading north: Russian Minister

Russia's Minister of Agriculture, Aleksey Gordeev, has issued a stark warning about the likelihood of rising food prices this year.

The Minister, who was in Berlin for the world's largest agricultural fair, spoke in the wake of 2007 inflation figures which rocketed to nearly 12% on the back of rising food costs.

Speaking to Russia Today, Mr Gordeev was clear about the future direction of food prices.

“We import so much because in the 1990s we destroyed Russian agriculture with our own hands. We’ve now reached maturity and the understanding that we have the ability not just to feed ourselves but also export our food,” he said. “The prices for food will go up, it’s a world trend. Yesterday the German agriculture minister said, ”You can’t have quality on the cheap, you have to be ready to pay a worthy price to ensure not just food volumes but also people’s health".