Russian President Vladimir Putin in Armenia in November 2022. Contributor/Getty Images
- The value of the Russian ruble continues to decline, forcing Russians to cut spending.
- A recent survey found that more and more Russians are reducing purchases of basic goods such as food.
- Earlier this month, the Russian ruble fell to a 16-month low against the US dollar.
The value of the ruble has plummeted, forcing Russians to limit purchases of essential goods such as food, toothpaste and soap due to skyrocketing prices.
In July, 19 percent of respondents said they were reducing their spending on food and essential goods to save money, according to an August 16 survey published by Russian research firm Romir.
That figure is up from 16 percent in June, according to the survey.
“Against the background of the current economic situation and rising prices, Russians are trying to save money,” said Romir senior director Ksenia Paizanskaya.
Paizanskaya noted that Russians are “finding alternatives to familiar products that can be purchased at lower prices. This explains the increase in the proportion of such responses over the past month.”
Earlier this month, the Russian ruble fell to a 16-month low against the U.S. dollar, the currency’s lowest level since Russian President Vladimir Putin invaded Ukraine in February 2022.
The unprovoked war has resulted in huge Russian military spending and crippling Western sanctions against Russia.
An economist at the German Institute for International Politics and Security, Janis Kluge, told The Washington Post in a report published Wednesday: “The Russian people have isolated themselves from these political developments, but the inflation rate is something they cannot isolate.” themselves because they have to pay,”
“It’s a way that politics really intervenes in their lives, and that’s the part that worries the Russian leadership,” Kluge added. “Because no amount of propaganda will prevent that.”
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