Russians have begun to save on basic consumption, due to the increase in prices caused by the devaluation of their currency and as Moscow continues its invasion of Ukraine, according to a survey released on Wednesday.
One in five Russians have decided to save on food and other basic necessities, and a third of those surveyed have reduced visits to stores or look for cheaper products, says the Russian online portal Lenta.ru, citing the results of a survey .
In addition, more than half of consumers go to supermarkets and stores with discounts and sales, or even give up their favorite products, according to data from the Romir survey company.
The Russian national statistics agency (Rosstat) revealed on Wednesday that prices in Russia have increased by 3.52% since the beginning of the year.
Pork and chicken meats increased more than 1.5%, in the week of August 7 to 14, and 5.89% and 14.56%, respectively, since the beginning of the year.
Buckwheat, one of the most widely consumed products in the country, rose 0.4% last week, as did sunflower oil, which rose 0.47%.
Sausages, sugar, rice, eggs, milk, biscuits and tea have also become more expensive, and experts forecast an increase in the coming weeks of between 15 and 20% in products such as fish, preserves or caviar.
On the other hand, the prices of potatoes, carrots, cabbage, tomatoes, beets, cucumbers and bananas fell.
The Russian currency crossed the psychological barrier of 100 rubles per dollar on Monday, which led the Central Bank of Russia (BCR) to convene an extraordinary meeting, fearing that the suspension of payments of 25 years ago (1998) would be repeated. ).
In the last two days, the ruble has strengthened against the dollar, reaching 96.70 units this Wednesday at the official price of the BCR, which on Tuesday raised interest rates by 350.0 basis points, up to 12%.
Britain’s Financial Times newspaper reported on Wednesday that Russian President Vladimir Putin has decided to tighten control over the national currency, the ruble.
Putin will require exporters to sell up to 80% of their foreign currency earnings within 90 days, otherwise they will no longer receive state aid.
The Ministry of Finance proposes other measures, such as prohibiting the distribution of dividends, the issuance of credits abroad and the granting of import subsidies, or limiting the volume of foreign currency that exporters transfer to foreign banks.
Due to political instability, rising import costs, sharp drop in exports, and Western sanctions on Russia for its invasion of Ukraine, the ruble has depreciated more than 27% so far this year.
The ruble has not stopped devaluing since the leader of the private military company Wagner Group, Yevgeny Prigozhin, led a failed armed rebellion on June 23-24.
Source: TSF
