Posted on 12/21/2023 5:24:07 AM PST by marcusmaximus
Sharply rising prices for eggs led another weekly rise in consumer inflation in Russia as the central bank hiked interest rates by 100 basis points, data from the federal statistics service showed on Wednesday.
The government last week said it would exempt 1.2 billion eggs from import duty in the first half of next year to try to rein in prices that have risen by more than 50% this year, a surge in costs for Russia's poorest that led to a rare apology from President Vladimir Putin.
-snip-
The Bank of Russia said its interest rate hiking cycle may be near completion as it raised its key interest rate to 16% last week, increasing borrowing costs for the fifth consecutive meeting in response to stubborn inflation caused by stark labour shortages, the weak rouble, strong lending and government spending.
Prices for eggs rose 4.62% in the period, accelerating from a 4.55% rise the week before. Since the beginning of the year, egg prices have jumped 52.94%, Rosstat said. Russia is also seeking to increase imports to resolve the problem.
(Excerpt) Read more at nasdaq.com ...
I’ve seen a box of 60 eggs at a local Walmart in NoVa go from about $7 to $10 in the last 3 or 4 months. Still better than the high of $19.95 during the shortages.
Sell them more chickens!
Sounds like a business opportunity!................
Ditto at our local Aldi where eggs went from $1.12 to $1.72.
The NASDAQ / Reuters article is interesting for its focus. A larger picture may be gleaned as we consider that one can do without eggs a while, but fueling one's home and vehicles is another matter.
"The World Bank's energy price index increased by 26.3 percent between January and April 2022, on top of a 50 percent increase between January 2020 and December 2021. This surge reflects sharp increases in coal, oil, and natural gas prices. In nominal terms, crude oil prices have increased by 350 percent from April 2020 to April 2022—the largest increase for any equivalent two-year period since the 1970s . Meanwhile, coal and gas prices have all reached historic highs in nominal terms."Eggs in Russia is not a big issue compared to energy in Austria, as one example, doubling. And then there's eggs in the US.....The energy shock could sap global growth for years World Bank blog. 22 June 2023
"... the import price for energy in the euro area more than doubled. This rise was quite unprecedented, as energy import prices, while rather volatile, do not generally change by more than around 30% in the course of a year."
Infographic - Energy price rise since 2021 Councol of the European Union, 5 May 2023
" 'European countries reliant on oil and natural gas imports from Russia … face unprecedented fuel supply shortages only slightly tempered by slowing economic growth and a mild winter. At the same time, emerging economies suffer from high fuel-import costs and fuel deprivation'."
Study reveals toll of global energy crisis as 'total' energy costs spike ABC NEWS, Australia, 16 February 2023
"The 2021–2023 global energy crisis began in the aftermath of the COVID-19 pandemic in 2021, with much of the globe facing shortages and increased prices in oil, gas and electricity markets. The crisis was caused by a variety of economic factors, including the rapid post-pandemic economic rebound that outpaced energy supply, and escalated into a widespread global energy crisis following the Russian invasion of Ukraine. The price of natural gas reached record highs, and as a result, so did electricity in some markets. Oil prices hit their highest level since 2008."
Global energy crisis (2021-present) Wiki article, n.d.
"...according to the U.S. Department of Agriculture. After a lull in infections, the agency's data shows we're in the midst of a fall spike. The number of birds killed has risen from 1.4 million in October to 8 million in November and more than 4 million in the first few days of December. The virus “is expanding at a very similar pace to the previous major outbreak, so it is serious,” Bergquist said. He described the current virus mutation as “one of the more virulent and contagious, which is not good for the entire poultry industry.”So not only inflation but now a nifty new term, eggflation. Russian eggflation? American eggflation? Answer: eat less eggs until its over. Now about driving our vehicles and heating our homes.... Energy inflation?Eggflation isn't over yet: Why experts say egg prices will be going up USA Today, 14 December 2023
That’s strange. When calculating inflation with the Russian economy food prices are included. The U.S. Core CPI does not include food or energy.
1.2 billion eggs sounds like a lot, but it’s less than 10 per person in Russia. Less than a week’s worth, for many. Less than two week’s worth, for sure, for me. I have one a typical morning, but not quite every morning.
All the "official" metrics has been tweaked, and tweaked and tweaked, here as in Europe. That way the rubes might be kept rubes a little longer.
Shadow Government Statistics - Analysis Behind and Beyond Government Economic Reporting
Is this “report” supposed to signal that Russia is losing in Ukraine? I don’t see of what interest it is to us in the US.
Russia has to import 1.2 billion eggs from Iran! Too funny!
Do eat eggs before you take your daily Viagra pill and pull up that picture of Putin with his shirt off on your laptop?
Tatarstan egg lines stronk as bull!
bezdorizhzhia comink to visit Ukie Marines there.
What Mikhail Mishustin doink? A case of window cancer soon?
US food prices have escalated 20% on average since Biden took office, nearly 3 years ago.
Bread has risen nearly 25% during that time.
Eggs are 40% higher since the coup in the USA.
These are the statistics, but it seems like our grocery bill has doubled, and there are only 2 of us.
Interesting source -
https://www.in2013dollars.com/inflation-cpi-categories
Omelettes for Ukie Marines in Krynky.
What Su-34s doink?
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