Ruble Rout Pounding Russia’s Retailers as Prices Soar - Bloomberg

Ruble Rout Pounding Russia’s Retailers as Prices Soar - Bloomberg:



"The generally upbeat story -- and current hardship -- of Russia’s middle class since the end of the Cold War can be partly told through Dixy Group.



Founded in 1992 as a wholesaler in St. Petersburg, it has more than 1,800 stores selling once-exotic products like Danone yogurt and Nestle ice cream. Today, just like the urban consumers it serves, Dixy must grapple with the plunging ruble, which makes it harder to keep shelves stocked with popular brands at prices shoppers expect.



“We’ve been seeing accelerating inflation for food all year,” said Fedor Rybasov, Dixy’s chief financial officer. With suppliers charging more, “at the end of the day the increases are reflected in the retail price.”"



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