Staggering Surge: Food Prices in Russia Hit All-Time Highs After Two Years

Food prices in Russia have hit their highest point in two years. This increase is linked to a shift in resources toward military spending.

The Moscow Times recently reported that food prices are up by 10.9% over the past year, the highest since November 2022. Despite the Central Bank’s efforts to control inflation by raising interest rates, prices continue to climb. In fact, from December 10 to 16, the consumer price index rose by 0.35%, raising annual inflation to 9.52%, the highest since early 2023.

Food inflation is a big part of the problem. Potato prices have surged by an astonishing 88.8% since January. This spike is due to weather issues that damaged 20% of the crop. Other vegetables are also seeing steep price hikes: onions are up by 45.4%, cabbage by 40.3%, and beets by 30.8%. Carrots have risen by 14.1%, and apples by 18.4% during the same period.

Experts warn that inflation is worsening. Price stabilization seems unlikely as industrial resources are increasingly diverted to military production. Additionally, imports are becoming more difficult due to sanctions and challenges with payment methods.

For more detailed coverage, check out this article.

Published on: Tue, 14 Jan 2025

Source link