The move comes during a protracted period of inflation in Russia that has caused food prices to rise dramatically. Bread prices in Russia rose 11% in January while the price for fish was 26% higher compared to the same month last year. Sugar prices have risen by 60% while grain and vegetable prices have shot up by 45% and 40% respectively.

According to The Moscow Times, the 12 chains that have decided to freeze consumer costs in the context of these price increases include Magnit, Auchan, Dixy, Lenta, O'Key, Billa, Globus, Metro Cash & Carry and the X5 Retail group, which owns the Perekryostok and Pyatyorochka brands.

AKORT (The Association of Retail Stores) made the announcement in a statement published on its website on Wednesday and added that the signatories "are certain that their actions will help stabilize the situation on the food market, in the interests of the population."

The announcement did not specify which goods will be considered socially important, but newspaper Vedomosti earlier reported that the following would likely see price freezes: beef, pork, lamb, chicken, fish, milk, sugar, salt, sunflower oil, grains, potatoes, cabbage, carrots and apples.

Earlier this month Dixy Group, Russia’s third-largest food retailer and one of the signatories of this latest announcement, imposed a one-month cap on the prices of essential food stuffs in its stores. Its inclusion in this recent development suggests the retailer proposes to extend this cap for another two months.