The report then quotes a supermarket employee as saying: “They are nicking butter big time. Sometimes 10-15 packs an hour go missing.”
Russian newspaper Nezavismaya reported that the Russian Ruble has dropped to 103 to the US dollar due to the “new spiral of US sanctions pressure.”
Another news outlet, Kommersants, reports that investment in Russian railways is taking a huge hit due to the Kremlin’s economic problems.
They report: “Russian Railways Investment Programme for 2025 may be cut by more than a third.”
Nezavismaya Gazeta added: “Worrying for Russia; the expansion of US sanctions against the Russian financial sector. On Thursday, the US Treasury imposed blocking sanctions on dozens of Russian banks, including Gazprombank.”
Meanwhile, the government newspaper in Moscow warns that interest rates could go up again despite the Russian Central Bank’s already-record hike to 21%.
The paper warns they could rise to 23% in December.
In recent months, Russians have been grappling with rapid inflation, which has seen the prices of many food products jump by tens of percent.
Stanislav, a Moscow resident, told CNBC: “The cost of basic foods has been growing for the last three years. It is getting worse day by day and sped up, especially this year.
“It depends on the type of food, of course. Some prices of goods go down, for example, buckwheat. It had a higher cost in 2020 during the Covid-19 pandemic, but now it is three times lower.
“But this is a single example of a price decrease. All other food prices are growing. I think it is about 10%–40% per year.”
Anton Barbashin, a Russian political analyst, said that food inflation has meant “literally half of all Russians spend most of their earnings on food, so they feel inflation the most.”
He continued: “Product inflation is now the greatest driver for inflation, as such. So prices for basic goods, food and other personal items are increasing the most.
“So far, the strategy for most Russians has been to downgrade their consumption patterns, opt for lower-quality goods. Postpone any long-term purchases.
“However, this stress is not spread out evenly. Moscow is still barely feeling the troubles. The most hit are [people in] the smallest towns and rural area.”
