According to The Moscow Times, citing data from Rosstat, the annual increase in food prices has reached 10.9%, the highest rate since November 2022.
"Inflation in Russia continues to accelerate despite the Central Bank's interest rate hikes and the government's attempts to regulate prices through retail chains," the article stated. It further noted that during December 10–16, the consumer price index rose by 0.35%, pushing annual inflation to 9.52%, the highest since January 2023.
Food inflation remains the key driver of this trend. Since the beginning of the year, potato prices have soared by 88.8%, following frost, floods, and heat waves that destroyed 20% of the crop, or 1.6 million tons. Onion prices have risen by 45.4%, cabbage prices by 40.3%, and beet prices by 30.8%. Additionally, carrot prices have increased by 14.1%, and apple prices by 18.4% since January.
"Inflation is spiraling out of control. Prices are not only failing to stabilize but are accelerating further," the report stated. "Hopes of combating inflation by increasing the supply of goods remain uncertain. Industrial and economic resources are being funneled into producing tanks and bombs, while opportunities for imports are narrowing due to sanctions and payment challenges."
Source: biz.nv.ua