After EU and other countries sought to force Russia’s leadership to end its war against Ukraine with crippling sanctions and after international firms announced leaving Russia ne masse, people in Russia start to be affected by rapidly growing food prices, BBC reports.
In the first week of the invasion, consumer in Russia prices surged by 2.2% with food among the biggest rises. The government has required grocery retail chains to restrict the sale of staples, after reports of hoarding.
In the area of health, the sales of medicines are not subject to sanctions, but with major shipping companies suspending services, supplies could be affected. Sugar and cereal prices in Russia were already about 20% higher this February than in February 2021.
Read also: Day 19 of war in Ukraine: Defenders attack Russian troop rear, Ukrainian mayors abducted, missiles fall in west
Consumer goods are another section of the market that has been affected the cost of smartphones and televisions has increased by more than 10% and an average vacation to Turkey has increased by 29%. Major brands across consumer goods such as Apple, Ikea and Nike no longer sell their products in Russia. With Russian banks removed from the SWIFT international payment system and payment operators Visa, Mastercard, American Express, Apple and Google Pay limiting their services in Russia, the Central Bank of the Russian Federation has forecast that the economy of the country could shrink by up to 8%, BBC reports.
Consumers in Russia hit by soaring food prices, weakening rouble
