Imported products are becoming more expensive in Russia due to the fall of the ruble

Published Dec 4, 2024

Tridge summary

The article examines the repercussions of the depreciating Russian ruble on the cost of imported goods, especially perishables like fruits and vegetables, which are anticipated to increase by 10-20% in the near future. Bananas, mandarins, and oranges have already experienced notable price hikes. Additionally, local products might see a 5-10% price rise before the New Year due to the ruble's decline. While long-term storage goods show delayed price impacts, coffee prices have surged significantly, with tea prices rising more modestly. The article underscores persistent inflation in Russia, with annual inflation reaching 8.5% in October, twice the Central Bank's target, and highlights the panic among merchants directly importing goods due to the ruble's sharp drop in November.

Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Due to the fall of the ruble in the Russian Federation, the prices of a number of imported products will increase. It is expected that in the next month or a half, the price will increase by 10-20%. Forbes writes that at the end of November, bananas in Russia rose in price by 8.8% year-on-year to $1.19 per kilogram, mandarins by 10% to $2.43/kg, and oranges rose in price over the year by 1% to 1.9 dollars. In addition, before the New Year holidays in Russia, the price of local products may increase by another 5-10% due to the weakening of the ruble. It is noted that perishable imported goods, such as fruits and vegetables, react most strongly to the fall of the ruble. "On the groups of long-term storage goods, the influence of the exchange rate is felt with a delay of several months," - noted the chairman of the Presidium of the Association of Retail Trade Companies Ihor Karavaev. As for coffee, its average price in non-chain retail increased by 17% over the year, and instant ...

Source: Unian