Russian Food Crisis - Joe Blogs [View all]
Food prices in Russia are back in focus and this time its cucumbers leading the headlines.
According to Reuters, cucumber prices have more than doubled since December, with some stores now charging over 300 rubles per kilogram. Russian politicians have even referred to them as golden cucumbers as frustration grows over rising grocery bills.
Official data shows food inflation running at 5.88% in January, just below the overall inflation rate of 6%. But individual staples are rising much faster. Cucumbers surged in January, alongside sharp increases in lemons, coffee, tomatoes, potatoes, carrots and cabbage.
While the headline inflation number may look manageable, spikes in everyday essentials hit consumers hardest particularly when food makes up a large share of household spending.
At a time when economic growth is slowing and real incomes are under pressure, rising grocery bills are becoming a visible reminder of the wider strains facing Russias economy.
When basic staples double in price, its no longer just about vegetables its about purchasing power, confidence and the direction of the economy.
Chapters:
0:00 Intro
0:28 CUCUMBERS
3:15 PRICES
4:22 INFLATION
6:08 EXPECTATIONS
9:44 SUMMARY & CONCLUSION