ISSN (print) - 0131-7652

ISSN (online) - 2686-7605

Vol. 52 No. 4 (2022)
MONITORING OF ECONOMIC TRANSFORMATION

Shaping the Price Dynamics in Russia Against the Backdrop of Accelerating Global Inflation

PDF (Русский)
  • А.А. Shirov,
  • А.К. Moiseev,
  • M.S. Gusev
А.А. Shirov
Institute of National Economic Forecasting RAS; Lomonosov Moscow State University,
А.К. Moiseev
Institute of National Economic Forecasting RAS
M.S. Gusev
Institute of National Economic Forecasting RAS, Moscow
DOI: https://doi.org/10.30680/ECO0131-7652-2022-4-94-112

Published 2022-04-08

Keywords

  • inflation; crisis; anti-crisis policy; public debt; demand; supply; export parity.

How to Cite

1.
Shirov А, Moiseev А, Gusev М. Shaping the Price Dynamics in Russia Against the Backdrop of Accelerating Global Inflation. ECO [Internet]. 2022 Apr. 8 [cited 2024 Dec. 18];52(4):94-112. Available from: https://ecotrends.ru/index.php/eco/article/view/4417

Abstract

The paper considers the main mechanisms of price dynamics formation in the global and Russian economies in 2010–2021 under the impact of the crisis caused by the COVID-19 pandemic. The relationship between the expansion of anti-crisis stimulus packages and the increase in public debt is assessed. It is stated that one of the reasons for the high rate of price increases during this period was the outstripping growth in demand, associated with both objective reasons and errors in determining the prospects for post-crisis recovery. The hypothesis is formed that the “overhang” of liquidity in the global economy, formed by the end of 2021, will require several years for the final balancing of supply and demand. The high contribution of imported inflation to price formation in Russia is substantiated. It is shown that the structural shifts in production and income associated with the modernization of production will inevitably lead to higher prices, which means that the stability of the Russian economy will correspond to such a system of inflation targeting, which would take into account the peculiarities of this phase of its development.
PDF (Русский)

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