Price for potatoes triple as Russians struggle with inflation

Price for potatoes triple as Russians struggle with inflation

At a farm near Moscow, newly arrived guest workers from India are planting potatoes and cabbages — work closely monitored by central bank analysts as they prepare for board meetings to set interest rates.

While in developed economies such as the United States food accounts for about 14% of the basket used to calculate inflation, in Russia it makes up a hefty 40% or so, and surging prices for potatoes and other staples have been a major reason for its tight monetary policy.

Potato prices, which have tripled since last year when the crop fell by 12%, are not helping matters.

REUTERS VIDEO

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