Russia economy sinks as electricity and gas bills surge

As Russia continues to grapple with a strained economy since the start of the war in Ukraine, citizens are now being hit with a sharp rise in electricity and gas bills.

Kyrylo Shevchenko, former governor of Ukraine's central bank, warned that household utility costs in Russia could surge by up to 40% by 2028 due to high inflation, elevated interest rates, and the mounting financial burden of sustaining the war effort.

“With real wages stagnating and inflation rising, Russians will pay more for less — while the Kremlin pours billions into war,” Shevchenko wrote on X.

“To make matters worse, Russia slashed its 2025 oil price forecast to $56 per barrel — the lowest since COVID-19. Russia is burning through its future to sustain war. And of course, the people are footing the bill.”

Russia's inflation rate hit 10.3% in March, and the country’s central bank acknowledged that this upward trend is likely to continue.

Food inflation has held steady at 12.4%, but fruit and vegetable prices have surged by 18.9%, adding further pressure to household budgets.

(QG - Source: The Daily Express — Picture : © Unsplash)