• About
  • Advertise
  • Privacy Policy
  • Contact
Friday, May 20, 2022
  • 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
  • Job Vacancies
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
  • Job Vacancies
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
Edem NyonatorbyEdem Nyonator
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

Food security in Ukraine: FAO Supports Farmers with Seed Potatoes

Amnesty Tells FIFA to pay $440 Million to Abused Migrant Workers in Qatar

Finland and Sweden Formally Submit Applications to Join NATO

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

Send your news stories to [email protected] and via WhatsApp on +233543050759.

Related Posts

Food security in Ukraine: FAO Supports Farmers with Seed Potatoes
Europe

Food security in Ukraine: FAO Supports Farmers with Seed Potatoes

May 19, 2022
Amnesty Tells FIFA to pay $440 Million to Abused Migrant Workers in Qatar
Europe

Amnesty Tells FIFA to pay $440 Million to Abused Migrant Workers in Qatar

May 19, 2022
Finland and Sweden Formally Submit Applications to Join NATO
Europe

Finland and Sweden Formally Submit Applications to Join NATO

May 18, 2022
Spain to Allow Girls Over 16 to opt for Abortions
Europe

Spain to Allow Girls Over 16 to opt for Abortions

May 18, 2022
Mariupol: Hundreds of Trapped Ukrainian Soldiers Evacuated
Europe

Mariupol: Hundreds of Trapped Ukrainian Soldiers Evacuated

May 17, 2022
NATO Commenses its Military Exercises in Baltics
Europe

NATO Commenses its Military Exercises in Baltics

May 16, 2022

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.
Mechanical Engineer Supervisor
Job Vacancies

Mechanical Engineer Supervisor Needed For Hiring

by thevaultzMay 20, 2022
mining
Extractives/Energy

Global: Autonomous Mining Trucks Population to Reach 1,800 by 2025

by Stephen AbankwahMay 20, 2022
North Korea: Fighting Covid With Traditional Medicine
Asia

North Korea: Fighting Covid With Traditional Medicine

by Edem NyonatorMay 20, 2022
World Bee Day: ‘We must collaborate to enhance the role of Bees’- FAO
Around the Globe

World Bee Day: ‘We must collaborate to enhance the role of Bees’- FAO

by Deborah Dzifah TamakloeMay 20, 2022
FAO Designates three sites in China as Globally Important Agricultural Heritage Systems
Asia

FAO Designates three sites in China as Globally Important Agricultural Heritage Systems

by Deborah Dzifah TamakloeMay 20, 2022
Quantity Surveyor or Construction Economist
Job Vacancies

Quantity Surveyor or Construction Economist (Male/ Female) Needed For Employment In Accra

by thevaultzMay 20, 2022
Mechanical Engineer Supervisor
mining
North Korea: Fighting Covid With Traditional Medicine
World Bee Day: ‘We must collaborate to enhance the role of Bees’- FAO
FAO Designates three sites in China as Globally Important Agricultural Heritage Systems
Quantity Surveyor or Construction Economist
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
  • Job Vacancies

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