MOSCOW – Russians are feeling the pinch from the slumping ruble, but one somewhat paradoxical result has been to unleash a spending spree as consumers snap up electronics, furniture and cars before prices soar.In general, Russians’ spending power has gone down with the ruble — which this week hit a record low against the dollar and has lost more than half of its value against the euro due to falling oil prices and Western sanctions over Ukraine. In addition, inflation is forecast to soon climb above 11 per cent.But for those with savings who were planning to buy big-ticket imported …read more
Source: AsiaOne
