INFLATION AND ITS IMPACT ON THE ECONOMIC GROWTH OF THE COUNTRY

The scientific article contains a review of domestic and foreign literature on the issues of ensuring growth in the gross domestic product, pricing in the conditions of agricultural production, and import substitution. Data from the official website of the Federal State Statistics Service on the dynamics of the consumer price index and the level of gross domestic product in the period from 2017 to 2023 are presented. Statistical data on the dynamics of the level of the consumer price index showed significant changes both in the direction of increasing consumer prices and in the direction of their decrease. Thus, in 2022, a significant increase in consumer prices amounted to 3.55 percent, and in 2023, there was a decrease in consumer prices by 4.52 percent. The growth (decrease) rate of the consumer price index and gross domestic product was determined, a decrease in the gross domestic product in 2020 by 1.7 percent and a decrease in the consumer price index in 2019 by 1.2 percent were identified, and in 2023 there was a decrease of 4 percent. It is noted that the decline in gross domestic product in 2020 is associated with the COVID-19 pandemic. In order to identify the relationship between the level of gross domestic product and the consumer price index, the value of the correlation coefficient was determined. The positive value of the correlation coefficient recorded a direct relationship between the volume of gross domestic product and the consumer price index. A correlation coefficient value of 0.9 indicates a close relationship between the volume of gross domestic product and the consumer price index. Thus, the results of theoretical studies have been confirmed that the volume of gross domestic product is significantly influenced by the level of consumer prices.