ZEEPER FOLLIES PINGLIST!(((PING!)))
Posted on 06/10/2025 5:34:09 AM PDT by marcusmaximus
At a farm near Moscow, newly arrived guest workers from India are planting potatoes and cabbages - work closely monitored by central bank analysts as they prepare for board meetings to set interest rates.
While in developed economies such as the United States food accounts for about 14% of the basket used to calculate inflation, in Russia it makes up a hefty 40% or so, and surging prices for potatoes and other staples have been a major reason for its tight monetary policy.
The central bank trimmed its benchmark rate to 20% on June 6 but even that is around the highest since 2003. More worryingly, people's inflationary expectations - a driver for price pressures - remain high despite actual inflation slowing down.
Potato prices, which have tripled since last year when the crop fell by 12%, are not helping matters.
"It is crazy. Potatoes have always been very cheap. At this price, I will not buy them - I think few people will," said Tamara, a 67-year-old pensioner outside a Pyaterochka discount store in Moscow.
-snip-
The government has responded by boosting imports. Egypt has tripled potato supplies to Russia, while Belarus, Russia's backup potato supplier, said it had run out of stocks.
(Excerpt) Read more at uk.finance.yahoo.com ...
ZEEPER FOLLIES PINGLIST!(((PING!)))
I’ve been starting to grow my own.
Lots to be said for gardening to supplement the food budget.
And I am grateful that we don’t have to survive on what I grow.
Potato famine?
That’s serious.
Might we expect an influx of emigres.
It’s happened before.
RUAF Storm Yunakivka & Koptjeve | Oleksiivka Has Fallen & Novomykolaivka Faces Heavy Assaults
How long were the potato lines in Tatarstan today? Did you get your ration at the market?
Did your mom wash your new Special Potato sock this week?
What Sumy doink?
😀
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.
