: Russians spend half of their income on food

14:48 Apr. 19, 2016

Russians spend half of their income on food

An elderly Russian woman stands at a bus stop with exchange rates reflecting in glass in Moscow, Jan. 21, 2016 (AP Photo)

Researchers claim the fall of consumer activity reflects the current economic crisis in Russia

Russians spend nearly a half of their monthly income on food. According to a recent study by Russian Institute of Social Analysis and Prognostics, food along with liquor and tobacco products make up more than 50% of an average citizens' monthly spending.

Read also Russia spends USD 40 mln monthly for occupied Donbas

The authors of the research say the trend reflects the current economic situation in Russia since the level of population's regular income has fallen dramatically. Along with the increasing poverty rate, the households tend to spend more and more on the daily needs, like food and primary goods

The experts at the Russian Institute of Social Analysis and Prognostics report, in February 2016 the real income of an average Russian was 7% less than in 2015 whereas the poverty rate gained 2% and constituted 13,4%.

Read also E.U. extends sanctions against 146 Russian individuals and 37 companies

The most negative trend, the economists add, is the constantly shortening consumer activity. It has become extremely obvious since the middle class started saving money along with the poorest social tiers.

comments powered by Disqus

RELATED NEWS

Business15:08 Dec. 9, 2016
EU mediates Russia-Ukraine gas talks as standoff continues
Business16:12 Dec. 8, 2016
Gazprom applied for Turkish Stream pipeline building
Business11:48 Dec. 8, 2016
Flagship Ukraine privatization flops as plant attracts no bids - Reuters
Business11:44 Dec. 6, 2016
EU spells out its stance on wood export ban
Business19:08 Nov. 29, 2016
Three reasons to invest in Poland to reach the EU market
Ukraine Today WEEKLY DIGEST
Subscribe to receive regular email updates about Ukraine and Eastern Europe
vk154998