Russia Economic Development Ministry and Price Inflation

helped drive: Annual inflation, after peaking to a 13-year high of 16.9 percent in March, stood at 15.3 percent for June following the ruble slight strengthening, according to state statistics service Rosstat, according to The Moscow Times. Skyrocketing inflation has also helped drive a fall in real wages, which were down 7.3 percent in May year-on-year, according to Rosstat. Thirty-two percent of respondents reported spending less on food than usual, a rise of 10 percent from the last time the poll was taken in January, according to respected state pollster the Russia Public Opinion Research Center . The change in consumer behavior comes amid high price inflation fueled by the ruble fall of over 40 percent to the U.S. dollar since the start of last year and a food embargo on countries sanctioning Moscow over its role in the Ukraine crisis. Russia Economic Development Ministry has previously forecast that real incomes would fall this year by 9 percent. The statistical margin of error was no more than 3.5 percent, the pollster said. The survey was conducted on June 27-28, polling 1,600 people across 46 Russian regions. (news.financializer.com). As reported in the news.

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