Russian President Vladimir Putin has issued a rare apology for Russia's inflation problem, which resulted in the soaring of egg prices this week.

Putin found himself addressing an unexpected concern during an annual end-of-year question and answer session with members of the Russian media and the public on Thursday. According to Reuters, it happened after pensioner Irina Akopova questioned Putin about the soaring prices of eggs and chicken.

Sitting at her kitchen table and addressing the president by video link, Akopova said: "Vladimir Vladimirovich, take pity on pensioners! We don't get millions in our pensions. Sort this out - we have no one to turn to... I'm very grateful to you. I'm counting on you to help."

(Photo : ALEXANDER ZEMLIANICHENKO/POOL/AFP via Getty Images)
TOPSHOT - Russian President Vladimir Putin holds his year-end press conference at Gostiny Dvor exhibition hall in central Moscow on December 14, 2023.

Vladimir Putin Apologizes as Russians Grapple With Increasing Living Costs

According to the Reuters report, Vladimir Putin then said: "I apologize for this, but this is a failure of the government's work... I promise that the situation will be corrected in the near future." 

That seems an unusual gesture as the president made a rare admission of the country's problematic economic situation since Russia first began its invasion of Ukraine last year. 

Russian data agency Rosstat showed that egg prices have soared 40% since the beginning of the year, partly due to a shortage of essential goods due to Western trade restrictions imposed on the country after it started its "special military operation."

Rosstat data also showed that inflation in Russia is rising, with prices in the economy increasing 7.4% year-over-year in November.  

In the same event, Putin acknowledged the possibility of the country facing inflation as high as 8% this year, doubling the Central Bank of Russia's inflation target that aims for prices to increase by 4% yearly.

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Russia to Exempt Eggs From Import Duties

The Russian government plans to exempt 1.2 billion eggs from import duty in the first half of 2024 to try to lower consumer costs. The measure will reportedly be implemented from January 1 to June 30, 2024.

Amid rising military costs and Western sanctions on the country, economists warned of a bleak future ahead for Russia. However, Vladimir Putin previously claimed that the government is heading for a new growth phase.

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