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State prices regulation for food products is canceled in Ukraine for three months

State prices regulation for food products is canceled in Ukraine for three monthsUkrainian government has abolished the state prices regulation on food products.

The purpose of the pilot project is to analyze the effectiveness of price regulation.

The Cabinet of Ministers of Ukraine at a meeting on Wednesday approved a pilot project of deregulation of food prices, which will commence on October 1, 2016 and will end on January 1, 2017.

First Deputy Prime Minister, Minister of Economic Development and Trade Stepan Stepan Kubiv said: "The draft resolution is designed to study the practical effectiveness of price regulation, prescribed by government decree of 1996 №1548 and the subsequent decision on the expediency of such a regulation."

According to Stepan Kubiv, the decision will make it possible to reduce the administrative burden on business and to abandon outdated administrative practices.
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