The article analyzes the features of crisis phenomena in the economy in the modern era, which take place under the influence of factors of various genesis. As the author notes, depending on the persistence of higher inflationary pressures, some policy revision may be required. Exiting the expansionist policy is fraught with additional risks. Rising interest rates may lead to excessive indebtedness of public finances. Thus, the decisions of the central bank may depend more on the persons who determine fiscal policy. A decrease in confidence in the monetary authorities may contribute to an increase in inflation expectations, causing an increase in actual inflation.