INFLATION IN THE RUSSIAN ECONOMY AND THE INFLUENCE OF AN EXTERNAL FACTOR: FEATURES, PATTERNS

Abstract

According to economic theory and practice, for decades, inflation as a process and phenomenon has been immanent in any market and/or mixed economic system. Being one of the forms of expression of macroeconomic instability, inflation reflects the state of "health" of the national economy. The study of its features and modern patterns, as well as country-specific aspects in order to reduce the negative consequences of cyclical fluctuations, is extremely actualized in conditions of the level of international instability that is currently observed and, of course, exerts its pressure on the situation in the Russian Federation. The article examines the dynamics, factors, features and patterns of inflationary processes in the Russian Federation over the past 5 years, since, according to the author, they are largely related to the sanctions pressure that the national economy cannot but feel since 2014. The article shows the fundamental and growing role of the leading countries of the world economy, primarily the Group of Seven, in global inflationary processes. These States, as follows from the study, have failed to adjust their national regulatory systems to new phenomena in the world. Thus, the BRICS countries have much more stable economic systems, as well as transform national monetary policy instruments and use more modern methods. At the same time, despite the record number of external economic sanctions, the Russian economy can be characterized as quite successful and stable, although it retains a number of problems, including internal ones, the most important tool for solving which is import substitution. Based on the data from the international database of UNCTAD, a comparative analysis of the dynamics of inflation in the Russian Federation and in other countries of the world with the global situation as a whole was carried out.