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The ruble is failing — and now more Russians are cutting back on buying basic goods like food and toothpaste as prices jump

Russian President Vladimir Putin in Armenia in November 2022.
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 published by Russian research company Romir, 19 percent of respondents reported in July that they were reducing their spending on food and basic goods to save money.

That figure is up from 16 percent in June, according to the survey.

"Against the backdrop of the current economic situation and rising prices, Russians are trying to save money," said Romir senior director Ksenia Paizanskaya.

Paizanskaya noted that Russians "are finding alternatives to familiar products that can be purchased at more affordable prices. This explains the increase in the share of such responses over the past month."

Earlier this month, the Russian ruble plunged to a 16-month low against the US dollar, the currency's lowest level since Russian President Vladimir Putin launched his invasion of Ukraine February 2022.

The unprovoked war has led to tons of Russian military spending as well as crippling Western sanctions against Russia.

An economist at the German Institute for International and Security Affairs, Janis Kluge, told The Washington Post in a report published on Wednesday: "The Russian people have been isolating themselves from these political developments, but the inflation rate is something they can't isolate themselves from because they have to pay,"

"It is a way in which politics really interferes in their lives, and this is the part which is worrying for the Russian leadership," Kluge added. "Because no propaganda will make this go away."

Read the original article on Business Insider