Russian Inflation Surges to 9.1 Percent in November; Food Prices Skyrocket

[Gabriel92]

Inflation in Russia climbed 1.3 percent in November, bringing the monthly rate compared with a year earlier to 9.1 percent, state statistics service Rosstat said Thursday.

The acceleration is the fastest since June 2011, as consumer prices are forced upward by a weakening ruble and a Russian ban on food imports from the U.S. and European Union.

Food products have seen the fastest upticks with the price of Russian staple buckwheat rocketing 54.4 percent in November on fears of shortages. The cost of fresh tomatoes jumped 34.9 percent, the price of cucumbers 20.7 percent and the price of potatoes 12.6 percent, according to Rosstat.

President Vladimir Putin said in a keynote speech earlier on Monday that the ruble's devaluation was "intensifying risks of a short-term inflation spike."

The ruble has weakened almost 40 percent against the U.S. dollar this year, but experts say inflation has also been driven Russia's August ban on food imports from the U.S. and EU, imposed in retaliation for Western sanctions on Moscow following its support of separatists in Ukraine.

In April, Putin said that he hoped the Central Bank could keep inflation between 6 percent and 6.5 percent this year. The regulator was initially targeting 5 percent inflation for 2014.

Economic Development Minister Alexei Ulyukayev said earlier this month that the annual inflation rate was unlikely to exceed 10 percent.

Russian Inflation Surges to 9.1 Percent in November; Food Prices Skyrocket | Business | The Moscow Times

 

[flamer84]

Imperialist propaganda.Putin,the mother of all Russians will personally breastfeed its people.Nobody will starve.

On another note,who would have guessed that importing food all the way from Argentina will cost more than subsidized merchandise from the EU.

 

[C130]

that's peanuts compared Venezuela still must suck to see prices rising though.

 

[Gabriel92]

Imperialist propaganda.Putin,the mother of all Russians will personally breastfeed its people.Nobody will starve.

Sure.

 

[Superboy]

If you look at prices in Japan, everything is in millions. Means nada

 

[Tshering22]

Why don't the Russians import from Asian countries? There are dozens of food producing countries in Asia which include Thailand, China, India, Vietnam, Cambodia, Sri Lanka, Bangladesh, Myanmar, Malaysia, Indonesia etc which are much more closer than South America is.

There are deals going on between Amul and Galactica; if it goes through, Russians will find their inflation coming down slowly.

 

[Tsilihin]

Actually they make agreements with many food companies to enter on the Russian market, from Asia,Africa,South and central America ....

 

[Echo_419]

Russian Inflation Surges to 9.1 Percent in November; Food Prices Skyrocket | Business | The Moscow Times

That's bad
This could lead to erosion of savings of the russian people

 

[UnChosen]

Food prices here in Canada is also rising like crazy thanks to the Saudi oil price war as well as the US dollar manipulation by the US.

A box of instant noodle here cost a bit more than $13 two years ago, now it is approaching $16...nearly a 20% increase.

Our homegrown produce and stuff from SE Asia / South America / Mexico have not increased significantly because their currencies are also devaluing...but because the Americans control 7 out of 10 major supermarkets here and our close proximity means that the majority of food here are imported from the US.

We should have diversified our food sources when the US was flooding the world with printed dollars and bidding up all foreign assets and currencies. Instead we got even more dependent on US agriculture when our CAD was at parity with the USD.

Just like Russia it will probably take us a year of preparation to start sourcing food from elsewhere, It's not like farmers can just magically produce more food in a month to substitute for US ones.

 

[Hamartia Antidote]

Food prices here in Canada is also rising like crazy thanks to the Saudi oil price war as well as the US dollar manipulation by the US.

A box of instant noodle here cost a bit more than $13 two years ago, now it is approaching $16...nearly a 20% increase.

Our homegrown produce and stuff from SE Asia / South America / Mexico have not increased significantly because their currencies are also devaluing...but because the Americans control 7 out of 10 major supermarkets here and our close proximity means that the majority of food here are imported from the US.

We should have diversified our food sources when the US was flooding the world with printed dollars and bidding up all foreign assets and currencies. Instead we got even more dependent on US agriculture when our CAD was at parity with the USD.

Just like Russia it will probably take us a year of preparation to start sourcing food from elsewhere, It's not like farmers can just magically produce more food in a month to substitute for US ones.

WTf? $13-$16 for noodles. What kind of noodles are they?? Post a pic.
Search Results for 'noodles' at Walmart.ca

 

[UnChosen]

WTf? $13-$16 for noodles. What kind of noodles are they?? Post a pic.
Search Results for 'noodles' at Walmart.ca

A BOX of instant noodles, not one packet / one cup. You know, the ones they always put above the top shelf in supermarkets, with like 6 cups inside or a dozen packets.

I only chose instant noodles as an example because it is difficult to remember how many cents a pound increase in vegetable prices.

A bundle of generic branded sausage (several packs of 12 small wieners) from the US also went from ~$6 to above $7 these past two years as well...also an approximately 20% increase.

I think the only US food item I bought that didn't rise significantly in price this year are junk food like chips or coke, but those thing have pretty high margins to start with.

Restaurants are giving smaller portions, use less meat, and give more starchy and fried "volume" food to hide the fact that Canadians are paying more for less.

Even McDonald's sorry excuse of a meal went up in price. And they now just do some kind of soft drink or coffee deal every month instead of giving discount "meal" coupons, just to fill people up with sugar water and trick them into thinking they are getting a great deal.

 

[Oldman1]

A BOX of instant noodles, not one packet / one cup. You know, the ones they always put above the top shelf in supermarkets, with like 6 cups inside or a dozen packets.

I only chose instant noodles as an example because it is difficult to remember how many cents a pound increase in vegetable prices.

A bundle of generic branded sausage (several packs of 12 small wieners) from the US also went from ~$6 to above $7 these past two years as well...also an approximately 20% increase.

I think the only US food item I bought that didn't rise significantly in price this year are junk food like chips or coke, but those thing have pretty high margins to start with.

Restaurants are giving smaller portions, use less meat, and give more starchy and fried "volume" food to hide the fact that Canadians are paying more for less.

Even McDonald's sorry excuse of a meal went up in price. And they now just do some kind of soft drink or coffee deal every month instead of giving discount "meal" coupons, just to fill people up with sugar water and trick them into thinking they are getting a great deal.

I can get a box of noodles up to a dozen packs in a box for like under $3.