Study: For the first time in 8 years, Russians spend more than a half of their income on food
For the first time since the 2008 economic crisis, Russians are spending more than 50 percent of their income on food. Both low-income and middle class families are forced to live in a more restrictive economy, as found by researchers from the Institute of Social Analysis and Forecasting of the Russian Presidential Academy of National Economy and Public Administration.
The reduction of consumer activity is the result of the worsening economy, the experts noted. In the report it is said that Russians are pessimistic about any changes in the current economic situation.
Most of the population (80 percent) are affected by the economic crisis in some degree, another 15 percent expect that they may eventually be impacted by it. According to Rosstat (FSSS, Federal State Statistics Service), the number of Russians who are living below the poverty line is at its highest point since 2006 – more than 19 million people.