kravietz 🦇 on Nostr: #Russia opposition economist **Vladimir Milov** traditionally summed up the state of ...
#Russia opposition economist **Vladimir Milov** traditionally summed up the state of the Russian #economy as he does every week - official inflation on a weekly basis rose to 0.22% and on an annual basis to 8.6%, the highest value this year, with an upward trend. Prices of basic products have risen significantly since the beginning of the year (!), e.g. beetroot by 94%, potatoes by 82%, carrots by 62%.
As Milov points out, there is no single specific reason for this - it is a systemic consequence of the imbalance of the Russian economy caused by the pumping of budget money into the military sector with a significant decrease in investment in other sectors.
But Milov also points out that the official inflation rate of 8.6% is one thing, but the actual inflation is much higher - but can only be estimated. As an upper range, Milov mentions data from the ROMIR agency, which has been publishing the Deflator Index for years based on the valuation of a standard basket of products - compared to May 2023, this index has increased by 34 percentage points.
On this basis, Milov, if I understood correctly, calculates the real inflation rate at around 17.9%…. and points out that the interest rate on deposits at Sbierbank is currently 18.1%.
In the interview, Milov quotes a number of ‘state’ economists who, speaking at various Russian economic forums, speak quite openly about the systemic problems of the economy, often in the context of “if we don’t solve X then we’re in for a crash”, which is quite indicative of the desired direction of future EU and US sanctions.
Entire interview https://youtube.com/watch?v=_CslDIjWbv8 (in Russian)
As Milov points out, there is no single specific reason for this - it is a systemic consequence of the imbalance of the Russian economy caused by the pumping of budget money into the military sector with a significant decrease in investment in other sectors.
But Milov also points out that the official inflation rate of 8.6% is one thing, but the actual inflation is much higher - but can only be estimated. As an upper range, Milov mentions data from the ROMIR agency, which has been publishing the Deflator Index for years based on the valuation of a standard basket of products - compared to May 2023, this index has increased by 34 percentage points.
On this basis, Milov, if I understood correctly, calculates the real inflation rate at around 17.9%…. and points out that the interest rate on deposits at Sbierbank is currently 18.1%.
In the interview, Milov quotes a number of ‘state’ economists who, speaking at various Russian economic forums, speak quite openly about the systemic problems of the economy, often in the context of “if we don’t solve X then we’re in for a crash”, which is quite indicative of the desired direction of future EU and US sanctions.
Entire interview https://youtube.com/watch?v=_CslDIjWbv8 (in Russian)