Russia's cost of living soars by more than 14%
24-03-2022, 11:26

Font size: [ A+ ] / [ A- ]

Shopping at a supermarket in Moscow

The cost of living in Russia is surging, according to new data, following the country's invasion of Ukraine.

Official figures show the price of some household staples - such as sugar - have jumped by as much as 14% over the past week.

Inflation is set to keep rising in Russia where the rouble has weakened since the Ukraine assault was launched.

The value of the currency has dropped by 22% this year.

On Wednesday, Russia's economic ministry said annual inflation had jumped 14.5% in the week ending 18 March - the highest level since late 2015.

The Federal State Statistics Service said the cost of sugar rose by as much as 37.1% in certain regions of the country and increased by an average 14%.

Sugar, which is commonly used to preserve food or make liquor, was the biggest gainer in the week, the government agency found.

Prices for onions was the second biggest riser over the week, up 13.7% nationwide and 40.4% in some areas. Meanwhile, nappies grew 4.4% more expensivePrices for black tea rose 4% and toilet paper increased by 3%.

Stephen Innes, managing partner at SPI Asset Management, said prices were higher because of the weaker rouble.

"The biggest culprit is imported inflation," Mr Innes told the BBC. "Anything Russia imports is exponentially (pricier) due to the weaker rouble."

The UK, along with the US and the European Union, have cut off a number Russian banks from financial markets in the West.

They have also prohibited dealings with Russia's central bank, state-owned investment funds and the finance ministry.

The Bank of Russia more than doubled its interest rate to 20% in March, in a bid to stop its currency from sliding further.

A large number of Western businesses have pulled out of Russia because of the war in Ukraine. Others, such as the Swiss food giant Nestle, have withdrawn major brands such as KitKat and Nesquik.

Videos on social media show shoppers scrambling to buy sugar and buckwheat at supermarkets in Moscow.

Deputy prime minister Viktoria Abramchenko has told citizens the country is "fully self-sufficient when it comes to sugar and buckwheat".

"There is no need to panic buy these goods. There is enough for everybody," she said.

Russia has hit back at international sanctions, and threatened to seize the assets of businesses which have stopped operating in the country.

On Wednesday, Russian President Vladimir Putin announced that the country would start selling natural gas to "unfriendly" countries in roubles. It is understood the move is aimed at supporting the currency.

The EU relies on Russia for 40% of its gas. However, many existing contracts are agreed upon in euros and it is unclear if Russia can change them.

Mr Putin's announcement drove the rouble to a three-week high. It later closed at 97.7 against the dollar.

 

BBC

Comments: 40
#40   Laurene
      
References:


5 min deposit casino neosurf australia live
casino neosurf australia
Today, 04:36
#39   Isaac
      
References:


Osko sign up bonus casino lovebookmark.win
Yesterday, 21:52
#38   Johnathan
      
References:


Online casino Osko deposit Osko pokies progressive jackpot
Yesterday, 13:33
#37   Florrie
      
References:


Top rated payid pokies https://gamingwiki.space
16 September 2026 09:45
#36   Jami
      
References:


Payid pokies real money high
roller payid pokies
16 September 2026 07:24
#35   Lon
      
References:


Payid deposit online pokies fast payout payid pokies
16 September 2026 03:59
#34   Kaylee
      
References:


Best online pokies payid minimum deposit payid
pokies
15 September 2026 19:21
#33   Shelly
      
References:


Free spins payid pokies australia http://www.qilurexian.net/
15 September 2026 05:23
#32   Verlene
      
References:


Payid pokies real money australia best payid pokies sites
14 September 2026 17:43
#31   Jamel
      
References:


%random_anchor_text% avtovoprosi.ru
14 September 2026 04:15
#30   Carlton
      
References:


VIP payid pokies australia new payid pokies australia
14 September 2026 02:57
#29   Stacy
      
References:


Payid pokies sites https://md.sigma2.no/rzw39ts4QMmwPcNC5j-gCA
14 September 2026 00:10
#28   Natisha
      
References:


Free spins payid pokies australia https://topsitenet.com/profile/freonjumbo66/2443068/
13 September 2026 07:14
#27   Ulrich
      
References:


Mobile payid pokies australia blogfreely.net
13 September 2026 05:52
#26   Leonel
      
References:


Play pokies with payid https://markdown.iv.cs.uni-bonn.de
12 September 2026 13:47
#25   Carlo
      
References:


Payid pokies no deposit bonus ryu-ga-index.com
12 September 2026 05:56
#24   Elma
      
References:


10 dollar deposit pokies payid https://may22.ru/user/chardrobert0/
12 September 2026 02:51
#23   Sibyl
      
References:


Best payid pokies 1 minimum deposit casino
australia payid
11 September 2026 10:35
#22   Tanya
      
References:


Online casino sofort auszahlung casino mit sofort
test
4 September 2026 11:31
#21   Kathlene
      
References:


Australian neosurf casinos community.posterit.in
3 September 2026 23:58
Add Comments

Name:*
E-Mail:
  Geo Keyboard  
 

Dear reader, guardian.ge welcomes your comments. Please express your views on topic and be respectful of others.

bold italic underline strike | align left centered align right | Ensert smilies insert linkInsert protected URL Choice the color | hidden text insert quote Convert selected text from transliteration to Cyrillic alphabet Insert spoiler

Code: *


Back1 2 Next