Montenegro caps wheat flour, sugar, oil, salt prices
Montenegro’s government said it is introducing a temporary cap on the prices of wheat flour, sugar, sunflower oil and salt in order to ensure their cost will not be affected by continuing external shocks, and the citizens’ living standard will be protected.
Under the decision, the maximum wholesale price margin of these products is now limited at 5%, while their maximum retail price margin is capped at 7%, the government said in a statement on Monday.
The decision, which entered into force immediately, was taken following a continuous monitoring of market conditions and price trends, which has shown that due to external shocks the prices of basic food products continue to rise.
The government action followed a Friday report of local daily Vijesti, according to which local retailers were planning to raise wheat flour prices by 15% and sunflower oil prices by 25% as of this week.
A previous such decision, which limited at 5% the profit margins for wholesalers and at 7% the margins for retailers of staples such as wheat flour, sugar, sunflower oil and salt, expired at the end of June.
Annual inflation in Montenegro slowed down to 4.1% in June, from 4.9% in May. The prices of food and beverages rose by 1.4% on the year and edged up by 0.1% on the month in June.
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