Vladimir Putin is running Russia’s economy dangerously hot
Extravagant war spending is fuelling inflation
The history of Russian inflation is long and painful. After revolution in 1917 the country dealt with years of soaring prices; it then faced sustained price pressure under Josef Stalin’s early rule. The end of the Soviet Union, the global financial crisis of 2007-09 and then Vladimir Putin’s first invasion of Ukraine in 2014 also brought trouble. Fast-forward to the present, as the war in Ukraine nears its second anniversary, and Russian prices are again accelerating—even as inflation eases elsewhere.
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This article appeared in the Finance & economics section of the print edition under the headline “Lock and load”
Finance & economics December 16th 2023
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- Vladimir Putin is running Russia’s economy dangerously hot
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