“Vladimir Putin has sought to appeal more to the poorer parts of society. Inflation risks undercutting this,” he said.

Analysts said price rises were unlikely to trigger massive street protests but they would damage Putin’s popularity.

Ordinary Russians link inflation to Putin’s war in Ukraine. They may not see the war but they can feel it.

Russia’s ailing economy may actually force Putin to end his war in Ukraine.

“It increases the risks to Putin of continuing the war and might just push him to the negotiating table,” said Timothy Ash, an Associate Fellow at Chatham House. “Perhaps, anyway.”