Friday , September 29 2023

Russia’s Ruble Failing, Consumers Cutting Back on Basic Goods

Russian President Vladimir Putin in Armenia in November 2022.
Contributor/Getty Images

  • The value of the Russian ruble continues to fail, forcing Russians to cut back their spending.
  • A recent survey found that more Russians are reducing their buying of basic goods like food. 
  • Earlier this month, the Russian ruble plunged to a 16-month low against the US dollar. 

The value of the ruble has taken a nosedive, forcing Russians to cut back on buying essential commodities like groceries, toothpaste, and soap because of the skyrocketing prices. 

According to an August 16 survey

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