Russian economy meltdown as inflation soars with prices 'up 65%' and Ruble plummets

Express UK ^ | 11/21/2024 | Charle Bradley

[marcusmaximus]

The Russian media is in a state of panic as inflation soars and the Ruble slumps, leaving many to struggle.

Moscow's print news outlets, heavily controlled by Russian President Vladimir Putin, were uncharacteristically negative in their coverage as they raised concerns about the economic well-being of ordinary Russians.

As reported by the BBC's Russia Editor, Steve Rosenberg, the front page of Russian newspaper Nezavismaya Gazeta said: "Some products have gone up in price this year by tens of percent."

The report highlighted that butter is 6.6% more expensive than it was in September, and 30% more expensive than this time last year.

Meanwhile, the price of potatoes soared 65% when compared with last year.

The newspaper cited a survey in which half of Russians lamented the noticeable rise in dairy product prices. A sociologist placed the blame on the Russian Central Bank, not President Putin.

They said: "While failing to achieve its goals of lowering inflation, the Russian Central Bank is at the same time undermining people's financial standing, making housing and consumer goods less affordable.

"All of this has a negative effect on Russians' social well-being."

Another newspaper, Moskovsky Komsomolets, highlights that the price of tangerines, a Christmas favourite in Russia, has risen from 60-90 Roubles a kilo a year ago to between 100-150 Roubles today.

The paper added that the price of tangerines may rise as much as 50%.

[Paul R.]

And the ruble is rubble...

[Paul R.]

Possibly, the most telling statistic (because Russia can’t lie about it) is the black market rate for the ruble, and the lack of trading in the ruble.

[Paul R.]

Well, it IS true some of the posters opposing support to Ukraine repetitively post silly cartoons and such, literally hundreds of times.

[TonyinLA]

No clue if accurate, don’t live in russia.

I do find it interesting the commodity chosen as evidence of inflation for the article is the potato, a crop. Weather / yields are the most influential on price variations.

There’s also a war going on, perhaps large quantities of staples like potatoes are reserved for the military. Less available in mkt = higher prices.

So maybe, but the “headline” example is questionable. Since this is a lefty English [who hate russkies more than anyone for some reason] paper credibility is already low.

[fella]

Hold on a second. . .

I thought that BRICS was a roaring success.

[Worldtraveler once upon a time]

---- "Funny how all the Putin groupies are on a first-name basis with their hero."

"Vlad"
11/6/2024, 7:15:41 AM · 8 of 25 by marcusmaximus

"Vlad"
11/4/2024, 11:15:19 AM · 36 of 66 by marcusmaximus

"Vlad" 11/4/2024, 10:50:23 AM · 23 of 66 by marcusmaximus

"Vlad" 6/10/2024, 12:44:36 PM · 7 of 36 by marcusmaximus

[Who is John Galt?]

The Putinists Zelvis fans sound exactly like the Bidenists when making their silly excuses for Russia’s runaway inflation pissing away a quarter of a trillion dollars.

[VeniVidiVici]

Eastern Europe really didn’t pursue membership in NATO until Putin came to power then they really stepped up.

Why is that?

[Petrosius]

There are also less farmers in the fields to produce potatoes. This happens to all nations at war. But being staple, the price of potatoes is particularly important. As more income is used for this necessary item, there is less for other items.

There was a peculiar phenomenon during the Irish potato famine. As would be predicted, as the supply of potatoes went down, their price went up. Normally this would be accompanied by a lowering of demand. However, as the price of potatoes went up, their demand also went up. This was because there was less money for other food products, making the people more dependent on potatoes to replace the other foods that they could no longer afford to buy.

[marcusmaximus]

“Sad Vlad”.

You accidentally left out the “Sad” part.

[Chad_the_Impaler]

Russian Misery Index (RMI): Inflation rate x Interest rate x Exchange rate

9.1 x 21 x 101.07 = 19,314

Extended Russian Misery Index (ERMI): RMI * Daily Casualties

[roving]

I looked up their inflation. it’s not propaganda.

[EnderWiggin1970]

And everyone in the US was upset about inflation here. But the difference is that the Russian inflation is driven by NATO actions and so the blame is directed against it by the Russian people, not against Putin.

Come to think of it, that's the same group of people who were to blame for inflation spiking in the US. No wonder I feel like American patriots have common cause with the ordinary people of Ukraine and Russia in the struggle against the globalist elites!

[blitz128]

The IMF…. report estimates in GDP, but GDP numbers are not the whole story. Why is Russias GDP up, I believe you know the answer, and the reasons are not good. Just like saying unemployment is very low, on the surface it sounds good, but again why are those numbers so low?

Massive spending on the war and war production will cause the GDP to grow, but is that growth ultimately good for the Russian people and the country overall?
Could unemployment be low because many have fled Russia, many have been killed and wounded in the war, and hundreds of thousands more are now “employed “ by the military to feed the front lines.

Very high inflation, massive govt spending on Putin’s war and 20+% inflation are not good but hey GDP is up.

[blitz128]

“ To: marcusmaximus
You are a bot.

A propaganda bot.”

Is this analysis of the article or a canned response?

[blitz128]

It is fascinating that the usuals complain about canned responses, yet memes and personal attacks apparently when coming from them is “good analysis “.😎