Food Prices Surge As Panicked Russians Empty Their Bank Machines Of Cash…( Will Come Here!)
Tomas Hirst
BusinessInsider.com
Dec. 11, 2014
Inflation is rampant in Russia, and the collapsing value of the rouble has triggered panic-buying and food-hoarding among ordinary Russians.
Food prices in Russia will have shot up by 25% over 2014 as Russian’s confidence in the country’s future starts to evaporate, according to the Association of Retail Companies (ACORT).
The prices are reacting to pre-emptive food hoarding by worried Russians, our sources say. It’s not that there’s an actual shortage of food. Rather, the price of food is so unstable that Russians are worried that their neighbours are going to start hoarding it — so they’re hoarding it first.
One Muscovite resident told Business Insider that ATMs in the city are being routinely emptied by people eager to withdraw as much cash as they can either to change into dollars or purchase goods with before the value falls even further. He said the mood there is unlike anything he had ever seen “including during the crash of 2008-9”.
Pork and sugar have risen by 25%, while the price of fish and seafood has also leapt up by more than 15%, according to Russian newspaper Nezavisimaya Gazeta.
The Rest…HERE
