Consumer price hike in Barents Russia

Mon, 01/12/2015 - 14:13 By Atle Staalesen, The Independent Barents Observer
Nenets Autonomous Okrug
Arkhangelsk Oblast
Republic of Karelia
Murmansk Oblast
Komi Republic

The price for a normal Russian food basket is on a rapid increase as inflation in the country surges. Consumer price growth in the five Barents Russian regions in November reached its highest level in six years.

The average inflation rate in five northwest Russian regions in November alone increased by more than one percent, BarentsObserver reports. The trend continued in December. In Murmansk, monthly prices on basic foodstuff like frozen fish, eggs and beef increased more than eight, twelve and six percent respectively, figures from the regional office of the Russian Statistical Service (Rosstat) show.

Inflation in Russia has been stable between 6-9 percent since 2009, and federal authorities initially planned for a five percent price increase in 2014. Instead, Russia might be heading towards inflation rates similar to the ones of the early 2000s. Then, the annual inflation increase ranged between 11-20 percent. 

Combined with the major currency loss, and the economy going into recession, the higher inflation will significanlty affect people’s personal economy, BarentsObserver reports. 

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