Can The Inflation Increase In Russia Affect Its Social ‘Stability’?
As we reach the end of 2023, while the Russian government celebrates “healthy” economic growth of around 3%,[1] ordinary Russians seem to be disturbed by the rapid increase in retail prices. By late November, the cost of many foodstuffs (including “benchmark” bananas and eggs), staple goods and services recorded a solid jump: eggs are now 23%, more expensive than they were a year ago, poultry 26%, bananas 47%, oranges 80%, and tomatoes 121%.[2] In its attempt to fight accelerating inflation, the Roskomnadzor, the Russian federal executive agency responsible for monitoring, controlling and censoring Russian mass media, blocked a popular website “Prices today” where different prices were compared from across the country.[3] Meanwhile, as the Bank of Russia gradually revises its 2023 inflation forecast to 7.5% from 5%, as was released in July,[4] the Kremlin is addressing the issue extremely often as it has become a matter of concern among the Russian population.