The Basic Reasons for Rising Inflation in Russia during the Covid-19 Pandemic

In the article the authors analyze the reasons for rising inflation in Russia in the period of 2020-2021. The analysis is based on statistical data from Rosstat, the Bank of Russia and the World Bank, as well as on the results of the authors’ econometric model. The model makes it possible to determine the influence of various factors on price indices both by means of elasticities of variables in econometric equation and by means of multipliers of exogenous variables. The authors show that the main reasons for accelerating inflation are growth of wages, export and import prices, a fall in production and a loosening of monetary policy in the given period. A brief overview of various theories of inflation and the experience of its econometric estimates precedes the analysis by.