November 03, 2024

You Call That Inflation?


You Call That Inflation?
A stack of ruble coins. Andrety Sizov
Since the beginning of Russia's War on Ukraine, food prices in Russia may have increased by as much as 87%.
 
According Vazhnye Istory (Important Stories), this data was gathered by the research holding company Romir, which it has been collecting pricing statistics for 10 years, based on actual grocery receipts from families in 240 settlements (15,000 people in all). From early 2022 to September 2024, prices for a basket of 200 goods increased by an average of 87%.
 
This differs significantly from the figures being put out by Russian officials., who say that, since the end of 2021 to present, prices have only risen 27%. Meanwhile, when people are asked what sort of level of inflation they are experiencing right now, it works out to about 50% for most Russians.
 

Then there is this reality: car prices have almost doubled over the last two years; egg prices went up 61% last year (leading to a rare apology from President Vladimir Putin), bananas rose 50%, potatoes 150%, and new building costs have risen 90% in three years (upsetting Central Bank Chairwoman Elvira Nabiullina). Utility costs are up 35%.

So, clearly, prices are on the rise, and there appears to be no end in sight.
 
Meanwhile, the wealth of Russian billionaires has increased by $26 billion over the last 10 months, according to the Bloomberg Billionaires Index (BBI).
 
So there's that.

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