• About
  • Advertise
  • Privacy Policy
  • Contact
Sunday, December 10, 2023
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

Cost of Living in Russia Soars by More Than 14%

March 24, 2022
Stephen KotochiebyStephen Kotochie
in Europe
0
Cost of Living in Russia Soars by More Than 14%

A supermarket in Moscow

A new data has shown that the cost of living in Russia is surging following the international trade sanctions over the country’s invasion on Ukraine.

Official figures showed that 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 fallen sharply since the Russia-Ukraine war began. The value of the currency has dropped about 22% this year (2022), and this has pushed up the cost of importing goods.

RelatedPosts

Putin To Run For Re-Election

Navalny Urges Supporters Not To Vote For Putin

Date For Russia’s 2024 Presidential Election Announced

The inflation data came as the Russian Stock Market resumed trading on Thursday, March 24, 2022, after a month-long break, with the majority of shares rising in a volatile trading session. The benchmark, Moex Index, is up by around 5.6% at midday in Moscow.

Analysts intimated that the government’s plan to buy billions of Dollars’ worth of Russian shares is supporting the market, which dived last month (February) after Russia’s invasion on its neighbour. In addition, bans on trade with foreigners and on short-selling remain in place.

Rising cost of living

On Wednesday, March 23, 2022, Russia’s Economic Ministry disclosed that the annual inflation jumped 14.5%, which made it become the highest rate since late 2015.

According to the Federal State Statistics Service (FSS), the cost of sugar rose by as much as 37.1% in certain regions of the country and increased by an average of 14%. Sugar, which is commonly used to preserve food or make liquor, is the biggest gainer in the week, the government agency, FSS revealed.

The price of onions is the second biggest riser over the week, up with 13.7% nationwide and 40.4% in some areas. Meanwhile, nappies were 4.4% more expensive. Prices for black tea rose 4% and toilet paper increased by 3%.

Stephen Innes, the Managing Partner at SPI Asset Management, averred prices are higher because of the weaker Rouble.

“The biggest culprit is imported inflation. Anything Russia imports is exponentially (pricier) due to the weaker Rouble.”

Stephen Innes, the Managing Partner at SPI Asset Management
Sugar
Prices of sugar have jumped 14% in Russia

A bite of the Sanctions

The UK, the US and the European Union have cut off a number of 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 an attempt to stop its currency from sliding further. A large number of Western businesses also pulled out of Russia because of its war with Ukraine. Others, such as the Swiss food giant, Nestle, have withdrawn major brands such as KitKat and Nesquik.

Videos on social media showed shoppers scrambling to buy sugar and buckwheat at supermarkets in Moscow. Deputy Prime Minister, Viktoria Abramchenko, however, told Russians that 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.”

Deputy Prime Minister, Viktoria Abramchenko

Russia has hit back at international sanctions and has threatened to seize the assets of businesses that have stopped operating in the country. It sanctioned US President, Joe Biden, and 12 other US officials last week.

On Wednesday, March 23, 2022, Russian President, Vladimir Putin, announced that the country would start selling natural gas to “unfriendly” countries in Roubles. Analysts say the planned decision is a move aimed at supporting the currency.

The EU on the other hand relies on Russia for 40% of its gas. However, prior to the breathing sanctions, many existing contracts were agreed upon in Euros and it is unclear if Russia can change them.

READ ALSO: Atlantic Lithium Raises Lithium Resource Deposits at Ewoyaa by 42%

Tags: europeFood priceFood PricespricesRoubleRussiaSanctionsUkraine-Russia

Related Posts

Putin To Run For Re-Election
Europe

Putin To Run For Re-Election

December 8, 2023
Navalny Urges Supporters Not To Vote For Putin
Europe

Navalny Urges Supporters Not To Vote For Putin

December 7, 2023
Date For Russia’s 2024 Presidential Election Announced
Europe

Date For Russia’s 2024 Presidential Election Announced

December 7, 2023
Ukraine Marks Armed Forces Day
Europe

Ukraine Marks Armed Forces Day

December 6, 2023
Germany Calls For Efforts In Setting Target For Renewable Energy
Europe

Germany Calls For “Winter Shield” Over Ukraine

November 29, 2023
At Least 16 People Dead After Russian Missiles Hit Ukraine
Europe

Baltic Nations, Ukraine Boycott OSCE Meeting Over Lavrov’s Presence

November 29, 2023

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Previous Post

Atlantic Lithium Raises Lithium Resource Deposits at Ewoyaa by 42%

Next Post

Peasant Farmers to Stop Grain & Cereal Production If Gov’t Proceeds with Slash on Subsidy

Sign up for The Vaultz analytic wire

Get weekly news analysis from top editors at The Vaultz and stay informed on trending economic and business issues from across the globe.
Fidelity Bank Launches Phase Two Of Fidelity Young Entrepreneurs’ Fund
Banking

Fidelity Bank Launches Phase Two Of Fidelity Young Entrepreneurs’ Fund

by Stephen M.CDecember 10, 2023
Asia

UNWRA Chief Decries Biased Aid Delivery In Gaza

by Comfort AmpomaaDecember 10, 2023
North Tongu Mp Relocates 300 Displaced Flood Victims
General News

North Tongu Mp Relocates 300 Displaced Flood Victims

by Evans Junior OwuDecember 10, 2023
Minority reorganization: Mahama and Others Were Consulted – Fifi Kwetey.
General News

NDC Projects A Global Image On Social Democracy In Ghana

by Stephen M.CDecember 10, 2023
Nature Voices Displeasure In Destructive Human Activities
General News

Nature Voices Displeasure In Destructive Human Activities

by Angeller AshongDecember 10, 2023
NPP Parliamentary Primaries: Former Deputy A-G Laments Over High Incident Of Vote-Buying
General News

NPP Parliamentary Primaries: Former Deputy A-G Laments Over High Incident Of Vote-Buying

by Evans Junior OwuDecember 10, 2023
Fidelity Bank Launches Phase Two Of Fidelity Young Entrepreneurs’ Fund
North Tongu Mp Relocates 300 Displaced Flood Victims
Minority reorganization: Mahama and Others Were Consulted – Fifi Kwetey.
Nature Voices Displeasure In Destructive Human Activities
NPP Parliamentary Primaries: Former Deputy A-G Laments Over High Incident Of Vote-Buying
Snow
FIND OUT MORE

The Vaultz News

Copyright © 2021 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2021 The Vaultz News. All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In