VIII Prices in the Transition: Ten Stylized Facts


The overall price level increased sharply in transition countries once prices were freed. Disinflation has most fre—uently been gradual, with prices continuing to rise rapidly in subseuent years. This paper identifies the well- and lesser-known features of inflationary processes in central and eastern Europe, the Baltic countries, Russia, and other countries of the former Soviet Union based on a sample of 26 countries and observations spanning the first five to seven years of transition. [JEL: E31, P22, R32]