Egg-flation in Russia

This week, Vladimir Putin expressed regret for Russia’s inflation issue, marking a rare acknowledgment of the nation’s economic challenges since the commencement of its invasion of Ukraine last year. During the annual end-of-year question-and-answer session with the Russian media and the public, the president, in response to a question from pensioner Irina Akopova about the rising prices of eggs and chicken, acknowledged the significant increase, with egg prices reportedly surging by 40% since the beginning of the year, as indicated by Russian data agency Rosstat. This surge is attributed in part to a shortage of essential goods in the country, a consequence of the western trade restrictions imposed on Russia in connection with its “special military operation.” Putin admitted, “I apologize for this, but this is a failure of the government’s work,” according to Reuters’ coverage of the event.