Food prices rise in Russia as rouble depreciates

As the rouble depreciates food prices soar.

Food prices soar as the rouble depreciates. Image by Waltie / CC BY 2.0

Since the start of the year, food prices in Russia have increased by 20% to 25%. Due to the depreciating rouble, imported food products and ingredients have become more expensive, despite a 5% to 10% increase in the use of local produce since the introduction of the food ban in 2014. Russia’s Retail Companies Association (ACORT) is predicting food prices to grow by another 15% in the first quarter of 2015. The rouble has reached 80 against the dollar this week, which is its biggest devaluation since the 1998 financial crisis. Read more: themoscowtimes.com

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