A recent spate of butter thefts in Russia highlights escalating food prices driven by inflation and supply shortages. Burglars stole 20 kilograms of butter in Yekaterinburg, reflecting how basic goods have become costly luxuries. A 200g stick of butter now costs nearly $2, with prices up 30% since December 2023. Food inflation has surged, with potatoes up 74% in a year, while annual inflation hit 8.5% in October, far exceeding the central bank’s target. Rising food costs in Russia are driven by the war in Ukraine, causing supply and labor shortages, higher wage costs, sanctions, and increased production expenses.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02Food prices in Russia have sparked unusual crimes,
00:06including the theft of 20 kilograms of butter in Ekaterinburg.
00:10A 200 gram stick of butter now costs nearly $2, a 30% increase since December 2023.
00:16Annual inflation hit 8.5% in October, far above the central bank's target,
00:20with staples like potatoes rising 74% over the past year.
00:24Analysts link rising costs of the war in Ukraine, which has disputed supply chains,
00:29increased production expenses, and led to labor shortages.
00:32For all things money, visit Benzinga.com slash GSTV.