World commodity prices have been rising at an alarming rate, which shows that all this money printing which has been going on for the past decade is fundamentally destabilising. It is finally having an impact, but not exactly the kind of impact the Central Banks wanted or anticipated.
The Russian economy is not doing well, which is not surprising given the spread of the Wuhan virus that the authorities were slow to acknowledge as a major health issue. But the economy faced severe problems even before the virus arrived. And, as Nezavisimaya gazeta pointed out previously, the extent of widespread unrest over the imprisonment of opposition leader Naval’ny was not least due to underlying social and economic problems most noticeable among the younger members of the populace.
Russia is a country like India, Brazil and Turkey where a disproportionate amount of income goes on the consumption of food. Bloomberg’s report on an anticipated “jump” in the prices of Russian food products, when current controls end a month away, has just met with outright astonishment and indignation from the various authorities tasked with monitoring and levelling out price changes in this sector of the economy. “Speculative analytics”, deep state Zvezda TV calls it.
The nervousness is prompted by the link Bloomberg makes between the inflation in food and political instability: a sore point in Moscow with Naval’ny sitting in a prison cell and discontent suppressed by violence. The last thing that Rosstat or the Ministry of Economic Development want or need is a phone call on a direct line from the Kremlin asking them what on earth is going on.
В Кремле не согласны с включением РФ в список “горячих точек” по ценам на продукты
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13:00 01.03.2021 Источник: Информационное агентство России “ТАСС”
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