Russian vodka drinkers have been left fuming after the Finance Ministry hiked prices for a half-litre bottle by 17 percent on New Year’s Day.

Russia is the largest vodka producer in the world, with over 30 percent of global production.

More than 90 percent of Russia-made vodka is consumed domestically and is one of the most popular drinks in the country.

As of January 1st, a bottle will now cost 349 rubles (£2.53) instead of 299 (£2.16) – an increase of 50.

This comes on top of a 6.4 percent increase in June 2024, meaning that within the last six months the price of vodka has gone up by a staggering 23.4 percent.

The rise in vodka prices is just the latest blow for Russian consumers, who are facing spiralling costs for basic food staples such as butter and potatoes.

Inflation in Russia is running at around 9.5 percent, forcing the Central Bank to raise interest rates to a record high of 21 percent.

Other alcoholic drinks affected by price rises include brandy and cognac – both spirits rising by around 17 percent.

Smokers are also facing a substantial hit to their pockets, with the minimum price for a packet of twenty climbing five percent to 135 roubles.

The rise in prices follows a bonanza year for the retail alcohol market in Russia, which saw record sales.

Sales of alcoholic beverages hit 184.2 million decaliters between January and October 2024.

This marks the highest volume recorded since 2017, when regulators began tracking the data.

Vodka led the market, with 62.5 million decaliters sold, slightly higher than 2022 levels.

Many suspect the hike in alcohol prices is connected with the war in Ukraine, as the Kremlin seeks to increase its military funds.

In 1981, at the end of the Brezhnev era, the USSR also sharply raised prices for alcohol and cigarettes.

This also coincided with the Soviet Union’s occupation of Afghanistan. At the time Russians came up with a popular song, threatening revolution if prices continued going up.

The lyrics ran: “Vodka became 7 and 8/ We’re drinking anyway/ We won’t give up/ Tell Ilyich (Lenin)/ We can handle 10/ But if it becomes 25/ Then it’s Revolution again!”