The ruble is falling, prices are soaring: how Russian families started the year without an economic cushion
At the beginning of 2023, the Russian ruble depreciated sharply - the dollar exchange rate approached 85–90 rubles. This immediately hit the prices of imported goods, electronics, clothing, medicines and household appliances. Stores began to introduce a “minimum balance” system to avoid shortages: many items disappeared from the shelves, and what remained became sharply more expensive.
Increased family expenses were accompanied by a drop in real income: January salaries, monthly payments and pensions actually bought less. People began to save: giving up planned purchases, vacations, and large expenses. It was especially difficult for families with children and the elderly.
The state announced that it would “contain” inflation, and the Central Bank promised stabilization of the exchange rate, but expectations did not coincide much with reality. Many Russians felt that their usual standard of living was collapsing - without loud statements, without crises like the 1990s, but gradually, in the form of an increase in utility bills, bread, and medicines.
January 2023 was the month when for many Russians the check “at old prices” disappeared: it began a new, tougher economic stage. For some, it’s an attempt to survive; for others, it’s a reason to think about an unpredictable future.
13.01.2023