The Epoch Times Russia’s annual inflation hit 14.53 percent as of March 18, up from 12.54 percent a week ago as the country’s economy and currency struggle against severe sanctions imposed by the West due to Moscow’s invasion of Ukraine. This is the highest annual inflation rate since November 2015.
Inflation for the week ending March 18 was 1.93 percent, slightly lower than the 2.09 percent inflation rate of the previous week, data from state statistics service Rosstat showed. The year-to-date increase in inflation was 7.67 percent.
Inflation rates spiked following the Ukraine invasion which resulted in the ruble tumbling to an all-time low in early March. Though the currency has recovered to some extent since then, uncertainties about the future still remain a concern. Demand for goods, right from food staples to cars, have risen steeply on expectations that their prices will soon rise even more.
The cost of sugar, which is used to make liquor and preserve food, rose by an average of 14 percent. In some regions, sugar prices spiked by up to 37.1 percent.
“People are sharing tips about where to get sugar. This is crazy,” a Russian citizen said to The Guardian. “It’s sad and it’s funny. It feels like a month ago was fine and now we’re talking about the 1990s again, buying products because … we’re afraid they’ll disappear.” The person had to wait an hour and half to procure a five-kilo bag of sugar…
