Putin and Egg Prices: Russia's Fight Against Rising Food Costs Ahead of the Presidential Election.

Putin and Egg Prices: Russia's Fight Against Rising Food Costs Ahead of the Presidential Election.

According to a report by www.businessinsider.de, Vladimir Putin is struggling with rapid inflation, with prices for eggs and other staple foods skyrocketing. Queues like in the Soviet Union have formed and the Russians are trying to build up large stocks. To curb rising costs, the Kremlin has cut import tariffs and imported eggs from Azerbaijan and Turkey.

Rising prices for staple foods in Russia have caused inflation to reach 42 percent last year. Some stores sell eggs individually for 20 Russian rubles, which is about 23 cents. This has led to long queues forming in front of supermarkets where people want to stock up on food.

Rising food costs could have an impact on the Russian market and financial sector. Rising inflation and the impact of the Ukraine conflict could see the economy remain under pressure ahead of the March 2024 presidential election. Increased energy costs and the falling ruble exchange rate also contribute to economic instability.

The Kremlin's measures, such as cutting import tariffs and attempting to import eggs from abroad, are signs that the government is trying to control rising prices. The central bank's interest rate hike to 16 percent shows that the government is also relying on monetary measures to combat inflation. President Putin has publicly commented on the problems and even apologized for the rising egg prices.

Overall, the egg price crisis could pose economic challenges for Russia and put political pressure on the Kremlin. Rising prices could also impact consumer confidence and political stability.