The consumer prices’ behavior during the recession is determined by the decline in demand, which slows their growth: the deeper the decline, the lower is the price growth. Devaluation gives the opposite effect: the rise in prices for imported goods, after which the market gradually searches for a new balance. In 2016, in Russia, the primary devaluation effect (2014-2015) was weakened by the drop in market demand and gradually exhausted. As a result, the Russian economy reached consumer inflation of 5.4% (December to December 2015) in 2016, the lowest level in 25 years.