In Russia, as Prices Soar, the Outlook for Its Economy Grows ‘Especially Gloomy’ After sanctions hobbled production at i…

In Russia, as Prices Soar, the Outlook for Its Economy Grows ‘Especially Gloomy’

After sanctions hobbled production at its assembly plant in Kaliningrad, the Russian automaker Avtotor announced a lottery for free 10-acre plots of land — and the chance to buy seed potatoes — so employees could grow their own food in the westernmost fringe of the Russian empire during “the difficult economic situation.”

In Moscow, shoppers complained that a kilogram of bananas had shot up to 100 rubles from 60, while in Irkutsk, an industrial city in Siberia, the price of tampons at a store doubled to $7.

Banks have shortened receipts in response to a paper shortage. Clothing manufacturers said they were running out of buttons.

The Central Bank of Russia has predicted a staggering inflation rate between 18 and 23 percent this year, and a falloff in total output of as much as 10 percent. Read more

@nytimes