Subject. Regional structural and dynamic features of the inflation process in Russia and the mechanisms of spatial differentiation of price dynamics under a unified monetary policy. Objectives. To analyze the regional dimension of the inflation process in Russia based on statistical data as of January 2026, to identify the patterns of inflation formation and the channels through which they are reproduced. Methods. A comparative statistical analysis and structural interpretation were applied. The empirical basis of the study comprises Rosstat publications, as well as comments and documents issued by the Bank of Russia. Results. It has been established that the inflation process in Russia is spatially heterogeneous and cannot be reduced to random deviations of regional indices from the national average. The following regional inflation patterns have been identified: agglomeration?based, industrial, resource?based, agri?food and service?oriented, and peripheral import?dependent. It is substantiated that the service sector plays a key role in sustaining price pressure, and to assess the cost of living accurately, it is necessary to distinguish between official, effective, and socially sensitive inflation. Conclusions. Regional inflation in Russia constitutes an independent spatial dimension of the inflation process. The average consumer price index does not provide a comprehensive picture of the actual dynamics of the cost of living, and inflation analysis requires taking into account regional patterns of price formation and differences in the real inflation experience of households.
Keywords: regional inflation, spatial heterogeneity, territorial differentiation, consumer price index, cost of living
References:
Mkhatrishvili S., Laxton D., Sopromadze T. et al. Core Inflation Requiem: Paving the Way for a Dual‑Component CPI in FPAS Central Banks. NBG Working Papers, 2024, vol. WP 01/2024. URL: Link
Abramova M.A., Didenko V.Yu., Dubova S.E. et al. [On guidelines for the single state monetary policy for 2026–2028: The financial university experts’ opinion]. Nalogi. Pravo, 2026, vol. 19, no. 1, pp. 6–25. (In Russ.) DOI: 10.26794/1999‑849X‑2026‑19‑1‑6‑25 EDN: EJFIIB
Cecchetti S.G., Mark N.C., Sonora R.J. Price Index Convergence Among United States Cities. International Economic Review, 2002, vol. 43, iss. 4, pp. 1081–1099. DOI: 10.1111/1468‑2354.t01‑1‑00049 EDN: DZVBOD
Goncharenko L.I. [Tax preferences in the spatial development of the country: Terminological aspect of the study]. Finansy: teoriya i praktika, 2024, vol. 28, no. 4, pp. 108–121. (In Russ.) DOI: 10.26794/2587‑5671‑2024‑28‑4‑108‑121 EDN: XUSZRI
Andersson M., Masuch K., Schiffbauer M. Determinants of Inflation and Price Level Differentials across the Euro Area Countries. ECB Working Paper, 2009, no. 1129. DOI: 10.2139/ssrn.1519943
Belozorova E.N. [The effectiveness of the FED’s monetary policy in targeting inflation in the years 2022–2024]. Finansy: teoriya i praktika, 2025, vol. 29, no. 5, pp. 64–76. (In Russ.) DOI: 10.26794/2587‑5671‑2025‑29‑5‑64‑76 EDN: DHELKM
Hofmann B., Remsperger H. Inflation Differentials among the Euro Area Countries: Potential Causes and Consequences. Journal of Asian Economics, 2005, vol. 16, iss. 3, pp. 403–419. DOI: 10.1016/j.asieco.2005.04.009
Crump R.K., Eusepi S., Giannoni M., Şahin A. The Unemployment‑Inflation Trade‑off Revisited: The Phillips Curve in COVID Times. Journal of Monetary Economics, 2024, vol. 145, 103580. DOI: 10.1016/j.jmoneco.2024.103580
Zhemkov M.I. [Regional effects of inflation targeting in Russia: Factors of heterogeneity and structural inflation rates]. Voprosy ekonomiki, 2019, no. 9, pp. 70–89. (In Russ.) DOI: 10.32609/0042‑8736‑2019‑9‑70‑89 EDN: XEVUKC
Sinelnikov‑Murylev S.G., Perevyshin Yu.N., Trunin P.V. [Inflation differences in the Russian regions: An empirical analysis]. Ekonomika regiona, 2020, vol. 16, no. 2, pp. 479–493. (In Russ.) DOI: 10.17059/2020‑2‑11 EDN: DETTMX
Heise S., Karahan F., Şahin A. The Missing Inflation Puzzle: The Role of the Wage‑Price Pass‑Through. NBER Working Paper, 2020, no. 27663. DOI: 10.3386/w27663
Beraja M., Fuster A., Hurst E., Vavra J. Regional Heterogeneity and Monetary Policy. NBER Working Paper, 2017, no. 23270. DOI: 10.3386/w23270
Tregub I.V., Funtova D.V. [Monetary policy as a tool for ensuring economic stability in the Russian Federation in a changing external environment]. Nalogi. Pravo, 2025, vol. 18, no. 2, pp. 57–66. (In Russ.) DOI: 10.26794/1999‑849X‑2025‑18‑2‑57‑66 EDN: JFOQOJ
Smirnov V.D. [Financial stability and economic development: Setting priorities]. Finansy: teoriya i praktika, 2025, vol. 29, no. 3, pp. 148–165. (In Russ.) DOI: 10.26794/2587‑5671‑2025‑29‑3‑148‑165 EDN: GUZDDY
Pica S. Housing Markets and the Heterogeneous Effects of Monetary Policy across the Euro Area. Banca d’Italia Working Paper, 2026, no. 1523.
Semiturkin O.N., Shevelev A.A., Kvaktun M.I. [Analysis of the heterogeneity factors and assessment of the structural levels of inflation in Russian regions]. Voprosy ekonomiki, 2021, no. 9, pp. 51–68. (In Russ.) DOI: 10.32609/0042‑8736‑2021‑9‑51‑68 EDN: JDRYXO
Nagayasu J. Heterogeneity and Convergence of Regional Inflation (Prices). Journal of Macroeconomics, 2011, vol. 33, iss. 4, pp. 711–723. DOI: 10.1016/j.jmacro.2011.07.002
Lepekhin O. Convergence of Regional Food Inflation in Russia. Russian Journal of Money and Finance, 2024, vol. 83, no. 3, pp. 3–22. EDN: DCJACP
Eiglsperger M., Ganoulis I., Goldhammer B. et al. Owner‑Occupied Housing and Inflation Measurement. ECB Statistics Paper Series, 2024, no. 47.
Tkachenko A.A. [Ensuring a decent standard of living for the population: Opportunities and reality]. Nalogi. Pravo, 2025, vol. 18, no. 3, pp. 6–18. (In Russ.) DOI: 10.26794/1999‑849X‑2025‑18‑3‑6‑18 EDN: WBHEFJ
