Putin's Food Import Ban Is Having High-Price Consequences
Russia banned Western food imports on August 7 in retaliation for sanctions over the conflict in Ukraine. However, it appears to be doing far more harm than good - food price increases have started gathering momentum, making life especially difficult for ordinary Russians. St. Petersburg's economic policy chief said that food prices have now risen 10 percent since the start of the year.
Potato prices have skyrocketed by 72 percent while poultry and pork have gone up by 25.8 and 23.5 percent respectively. Russian Prime Minister Dmitry Medvedev recently said he did not expect major price increases in supermarkets and that the ban would not last long. Some food imports remain unaffected by the embargo, including coffee, alcohol and olive oil.
This chart shows price increases on selected foods in St. Petersburg (since January 01, 2014)
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