Putin sanctions bite as video shows economic struggle in Russia ‘People more cautious’

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The price of food and other basic items in Russia has increased significantly since Vladimir Putin’s invasion of Ukraine. The video, posted online by the YouTuber Inside Russia, captured images of Russian shoppers “being more cautious” when buying their food. Russians “are checking the prices a lot more than they used to”, he said and added their shopping is now limited to “the basic” items. 

https://www.youtube.com/embed/1vQgx28vNsg?start=815

YouTube Inside Russia said: “Why aren’t people’s baskets full?

“Because they’re being more cautious now.

“They’re checking the prices a lot more than they used to.

“They’re buying just the basic. Stable items and that’s it.

“I think it’s because they just don’t have as much money.

Russia’s central bank sent a warning last week as it forecasted inflation could hit 23 percent this year as consequence of the western sanctions imposed on Russia due to its decision to invade Ukraine. Despite the warning and inflation levels spiking, Putin denied any link between the rise in cost of living and what he referred to as the country’s “his special military operation” in Ukraine.

“People are being more cautious with how they spend on a weekly basis.”

The YouTuber then showed the current price of potatoes in the Russian supermarket.

He commented: “Look at potatoes, 89 roubles [£1.20]. So expensive.

“And they used to be 25 or 35 roubles [£0.33 – £0.45].

“This is the staple of Russia, and it’s close to three times the price.”

Russia’s central bank sent a warning last week as it forecasted inflation could hit 23 percent this year as a consequence of the Western sanctions imposed on Russia due to its decision to invade Ukraine.

Despite the warning and inflation levels spiking, Putin denied any link between the rise in cost of living and what he referred to as the country’s “his special military operation” in Ukraine.

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In light of the soaring inflation and western sanction significantly pushing up the cost of living in Russia.

Putin admitted the country is facing “difficulties” but denied a correlation between the economic situation and Russia’s invasion of Ukraine.

Putin told his nation: “This year is not a simple one [but] I do not mean that all these difficulties are due to this special military operation.

Referring to western countries, he justified the country’s cost of living crisis saying: “Because in countries that are not conducting any operations, across the ocean in the US, in Europe, the inflation is similar”.

Institute of International Finance chief economist Robin Brooks also commented the country’s economic condition and said: “Russia’s economy is imploding. We forecast a GDP collapse of -30 percent by end-2022.”.

Mr Brooks also confirmed Russia has stopped publishing its trade data after invading Ukraine in late February.

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