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World News
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Title: Major Vladimir Putin war blow as Russia faces 'unprecedented' economic setback
Source: Irish Star
URL Source: https://www.msn.com/en-us/money/mar ... 4b484707843b8cf9a2c63c59&ei=33
Published: Dec 17, 2024
Author: John Varga & John O'sullivan
Post Date: 2024-12-17 21:23:39 by BTP Holdings
Keywords: None
Views: 37

Major Vladimir Putin war blow as Russia faces 'unprecedented' economic setback

Story by John Varga & John O'sullivan • 17 December 2024

Russian shoppers in a vegetable market
© (Image: Getty)

Russian winter crops are failing at an "unprecedented" rate, sparking fears that food prices could spiral out of control and lead to social unrest. Russian consumers have already experienced significant price hikes for basic food staples over the summer and autumn amid broader economic concerns.

Potato prices have skyrocketed by a staggering 78%, while costs for cabbage, beetroot, and butter have also surged between 27 and 31%. However, the situation looks set to worsen for hard-pressed Russian consumers, with farmers facing a record loss of winter crops.

The Russian analytical centre ProZerno reported that the share of poor and unsprouted winter crops for the 2025 harvest was at 38%. The researchers, who analysed data from the Hydro Meteorological Centre, described the number as "an unprecedentedly huge value", adding the situation had "never been this bad."

"In Russia as a whole (excluding new regions), only 5.48 million hectares of winter crops are in good condition; this is the smallest amount of good crops before entering winter in the last 23 years," they wrote. Russia's Central Federal District is the worst affected, with almost two-thirds of crops failing to sprout or in poor condition.

Vladimir Putin
© POOL/AFP via Getty Images

In the Southern Federal District (SFD), nearly half of winter crops (44%) are classified as "poor," reports the Express. The situation is only slightly better in the North Caucasus and the Volga region: 29.2% and 14.1%, respectively.

The ProZerno analysts have pointed the finger at the droughts that swept across the country during the summer and autumn for the current grim forecast. Some regions of Russia experienced no rainfall from April to October, leading to a state of emergency being declared in at least five areas.

This drought came on the heels of severe frosts in May, which decimated nearly 10% of the grain harvest and up to a quarter of vegetables. According to Russia's Statistical Agency Rosstat, food price inflation is currently at 10.2%, the highest it's been in two years.

The rapid rise in food prices is taking a significant toll on household budgets, especially those of pensioners. Tatyana, a 72-year-old resident of the Russian city of Kirov, told Bloomberg that she now spends about two-thirds of her pension solely on food.


Poster Comment:

There has been drought here in SW Missouri for last few years also. Many shallow aquifer wells have dried up and many have been forced to drill new and deeper wells.

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