Russia’s government is resisting pressure to put a federally mandated price cap on food products as the price of some essential goods soared by over 30% in recent weeks.

Under Russian trade law, a 30% increase in food products over the course of 30 days gives the Russian government the authority to freeze the price of any good anywhere in the country.

Food stuffs such as the popular buckwheat have increased by 30% to 80% in more than half of Russia, leading to calls for a price cap, but the government is reluctant to interfere in the market and has instead urged the public not to panic and buy in bulk.

Government officials have said that people are buying various goods such as wheat, flour, eggs and rice in bulk due to speculation that prices will increase further, which is pushing the price up due to the increased demand.

With the soaring prices, many goods are becoming too expensive for millions of people in Russia.

The market’s higher prices are largely the result of widespread droughts, which have decreased supplies across Russia and led to speculation of food shortages, although the government is insisting the country will have enough as long as people cease bulk buying.

Russia recently extended its wheat export ban by a year, leading to fears around the world of a return to the food crisis of 2007 and 2008, which wreaked havoc in the developing world.