Economic Recession and Consumer Prices in Russia

The paper discusses the inflation features of the modern Russian economy in conditions of the general economic slowdown and significant devaluation of the national currency. The authors compare inflation trends in various countries in connection with the general slowdown of the global economy and the volatility of oil prices. The study examines the relationship between inflation and consumer demand for goods and services in Russia. The article also considers the regional features of changes in the level and dynamics of consumer prices. In the first (pre-crisis) period the group of financial-economic centers had the highest growth of the consumer price index and now the leaders are the less developed agricultural regions, which have the most economically vulnerable population. There is a greater resilience of diversified production-consumer systems to crisis changes in the regions. While the unemployment rate shows a worsening situation for the last year and a half. However, in the less developed regions it is continuing to decline, though maintaining at a level 2-3 times higher than the national average.