Vladimir Putin is running Russia’s economy dangerously hot
Extravagant war spending is fuelling inflation
![RUSSIA-ARMY](https://www.economist.com/cdn-cgi/image/width=1424,quality=80,format=auto/content-assets/images/20231216_FNP502.jpg)
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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