How the devaluation of the ruble affects consumer prices. infographics

How the devaluation of the ruble affected the cost of goods in past financial crises

After the introduction of sanctions against the Bank of Russia, the ruble exchange rate at the opening of trading on February 28 updated its historical lows. RBC recalls which goods have risen in retail prices the most after previous collapses of the national currency

On Monday, February 28, 2022, at the beginning of the morning session of the Moscow Exchange at 10:00 Moscow time, the dollar rose from 83 to 90 rubles, the euro – from 93 to 101 rubles. Another weakening of the ruble occurred against the backdrop of sanctions that the EU countries have imposed on the Bank of Russia. An hour later, the dollar has already exceeded 100 rubles.

The currency component is present in all technological chains of food production, Dmitry Vostrikov, executive director of the Rusprodsoyuz association, recalled last week, adding that the possibility of delivering goods along the usual transport corridors and the consequences of changing logistics routes will have no less impact on final prices. EU airspace has been closed to all Russian aircraft since Monday.

The Ministry of Industry and Trade said on Friday that retailers have formed a stock of socially important products for at least 40 days. The Association of Retail Companies added then that it does not record the rush demand for food and non-food products.