The prices of goods in Russia are quickly rising due to worsening inflation as the ruble remains low in value and multinational companies continue to pull out of the country because of Russia’s invasion of Ukraine
of goods, including foods and medicines, Reuters reported Wednesday, citing Russian news agency Interfax.“A weaker ruble will result in more inflation and higher interest rates, undermining Russian consumer spending and business investment, and thus, the economy,” Mark Zandi, Moody’s Analytics Chief Economist, said in a note late last month.
“Russian businesses may also have difficulty paying for imported goods, further fanning inflation and interest rates, and the country could have difficulty making debt payments, resulting in defaults, and further cutting Russia off from access to global credit.”since 2015 due to low prices of oil and Western sanctions over Russia’s annexation of Crimea, and the pandemic further pushed up prices.
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