Wheat Export Duty May Be Extended

Russia may extend a "prohibitive" duty on wheat exports through June or beginning of July, Interfax said, citing an unidentified government official.

The government may also cap the retail markup on some foods, including bread, milk, meat and eggs, Interfax reported Wednesday. The Agriculture Ministry proposed setting the maximum markup for staple foods at 10 percent to 15 percent, Interfax said, citing the government official.

The ministry also proposed creating a reserve grain fund, containing 2.5 million to 5 million tons of grain, to allow the ministry to intervene on the market, Interfax reported. The Cabinet will discuss this proposal, including the price of purchasing grain for the fund, on March 20, the news agency said.

The government increased the duty on wheat exports fivefold in January to at least 105 euros ($151) per ton to curb inflation, fueled by growing food prices.