Fall Of The Ruble Provokes Panic In Russia

Analysts predicted a jump in food prices.

The panic in Russia due to the fall of the ruble has spread to the food market. Supermarkets are forced to urgently rewrite price tags.

The project analysts noted that local producers who have product stocks are expecting a sharp rise in prices. However, the volumes of products in storage are limited due to a poor harvest, and the quality of vegetables is far from the best, so the stores mainly have imported fruits and vegetables.

It is noted that the chains are forced to rewrite price tags, but the biggest problem is faced by those Russian traders who are engaged in direct import. Many of them have deferred payments for products, so the revenue from buying dollars at the new rate may not cover all import costs. At the same time, local importers no longer want to ship fruits and vegetables at previously agreed prices for the same reason.

In turn, demand for vegetables and fruits in Russia has fallen, because consumers are trying to spend the depreciating ruble by buying household appliances, cars and other expensive goods.

Analysts expect that in the near future, prices for imported products in the Russian Federation will grow by an average of 15-20%, provided that the devaluation of the ruble stops. In turn, prices for local products will rise by at least 10-15%.

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