Russia conducting 'anti-cartel' checks at sugar producers as prices leap

Russia's Federal Anti-Monopoly Service (FAS) on Thursday said it was conducting "anti-cartel" inspections at major sugar producers in light of a sharp increase in sugar prices and a shortage of supply on the market.

Annual inflation in Russia accelerated to its highest since late 2015 as of March 11, with the weakening rouble in response to events in Ukraine and unprecedented sanctions against Moscow sending prices soaring.

Sugar prices jumped 12.8% in the last week alone, data from federal statistics service Rosstat showed on Wednesday. Since the beginning of March, sugar prices are nearly 15% higher.

"The absence of sugar on shop shelves in several regions is due to a rush in demand, which is being fuelled by dishonest organisations," the FAS said.

It said its inspections would affect producers, retail chains and intermediaries. (Reporting by Reuters)