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Digest Finance

The USD exchange rate and the Russian economy's dependence on import: their effect on the real rate of inflation in Russia

Vol. 21, Iss. 4, DECEMBER 2016

Received: 9 August 2016

Received in revised form: 18 August 2016

Accepted: 26 August 2016

Available online: 20 December 2016


JEL Classification: E31, E42, E52, E58, E64

Pages: 2-10

Aleksandrov D.G. Gubkin Russian State University of Oil and Gas, Moscow, Russian Federation

Importance Growing inflation has always been one of the focal points for post-Soviet Russia, impoverishing the population and aggravating the economic crisis.
Objectives The research displays inaccuracy and ineffectiveness of official statistics on inflation in the Russian economy and proposes a new indicator of the rate of real inflation in the national economy. I also emphasize ineffectiveness of the anti-inflationary policy of the Russian Government and suggest how growing inflation should be curbed.
Methods The research draws upon methods of logic and statistical analysis.
Results I propose my own definition of inflation and a new indicator of the rate of real inflation in the national economy, which includes factors that had not been considered before. The article contains my recommendations on tackling the inflation in the Russian economy.
Conclusions and Relevance The rate of inflation in Russia is artificially underestimated in official statistical data. The current anti-inflationary policy of the Russian Government is declarative and ineffective, causing stagflation of the Russian economy and impoverishing the population of the Russian Federation.

Keywords: inflation, Consumer Price Index, purchasing power, Ruble, USD exchange rate, import dependence, national economy


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