In the medium term, it is critical whether rising energy prices will increase inflation expectations and wages or change firms' pricing behaviour. Energy inflation and supply chain bottlenecks alone would not lead to a sustained acceleration in inflation unless there are major second round effects, leading to a wage-price spiral.
Based on my experience in Russia, it is not that the Russians that I worked with had not studied the theory of the market economy at university, but that they did not have the opportunity to experience at an early age how a market economy works, and to learn from that experience. 3  2  Dodge, D. 2003.