Amid Ukraine war and sanctions, Russia’s inflation tops 10 per cent

Given the ongoing three-year conflict with Ukraine and countless sanctions by the West, Russian citizens have fallen victim to erratic prices, with inflation now soaring above 10 percent. Ever since Russia increased its military spending, the economy has thrived despite sanctions and destroyed supply chains. With a rise in salaries comes a rise in the cost of living, leading to inflation in Russia today. 

Though the rate has slowed significantly after rising interest rates, Russia’s current inflation remains way over its target of 4 per cent. For many, the fear of scarcity has resulted in over-consumption or hoarding, especially after Russian President Vladimir Putin addressed a shortage of potatoes in the country. An 84-year-old Russian pensioner, Roman Paltievich, said that he was no longer able to afford cherries — or even potatoes, a staple which is now three times more expensive than a year ago. He eyed the overpriced apricots, tomatoes and watermelons, and lamented that “prices are crazy.”