Inflation in Russia is so crazy that officials are considering price controls on 'essential food products'

Ruble crisis inflation russia instagramInstagram (via @nem_off)More than $US30 for a 2 lbs of nuts.

Food prices are out of control in Russia.

So now, Russian officials are even thinking about putting a price cap on “essential food products,” reports the Moscow Times.

“We will see how to efficiently place [the restrictions] into law,” the deputy prime minister Arkady Dvorkovich said.

He also added that the government may give “the state competition watchdog more power in enforcing existing retail market regulations,” reports the Moscow Times.

What exactly counts as an “essential food product” is unclear at the moment.

Inflation in Russia has been at the its highest level since the financial crisis (at around 11.4%), and two weeks ago the deputy economy minister said that it could hit 17% around March.

The sanctions imposed by the West, the ban on important certain Western food products, and the ruble’s plunge have all been credited with contributing to the surge in inflation.

But politics aside, it’s the everyday Russian consumers who have been hit the hardest — especially since it doesn’t look like this ending anytime soon.

2216.16 rubles = $US33.20 for 2.2 lbs of nuts

Может я в этой жизни чего и не понимаю, но как по мне, так кило орехов не может стоить столько же, сколько 200 буханок хлеба. #орех #инфляция #ценырастут #кризис #ашан

A photo posted by Артём Немов (@nem_0ff) on Feb 2, 2015 at 1:07pm PST

Translation: Maybe I just don’t understand anything in this life, but it seems that a kilo of nuts can’t possibly costs the same as 200 loaves of bread.

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