Putin: Russian food prices alarming

Moscow -- Russian officials vowed to stabilize food prices in the country after President Vladimir Putin said he found the increases alarming.

The rising cost of grain on the world market was cited as one reason for food price increases in Russia, Itar-Tass reported Sunday.

Russian officials vowed to reduce duties on imported dried milk, eggs, cooking oil and other food products after Putin urged them to respond promptly to price fluctuations in world markets.

"It is the duty of the state, our duty, to protect our people, primarily those with low incomes, from price rises no matter what causes them,” Putin said.

Russian agriculture officials predicted food prices would stabilize within two to three months, aided by Russia's strong grain crop this year.

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