Multivariate econometric models of Russian inflation are proposed in this paper. Consumer price index is used to quantify inflationary processes. Monetary and non-monetary variables are examined in the models. The authors consider foreign exchange rate of the ruble as monetary factor and government regulation of prices for certain goods and services and food market condition as nonmonetary. Special attention is paid to a regional aspect of the problem. The question is whether estimates of parameters of the models are stable and statistically significant at the level of regional consumer price indices. The key result is statistical significance of models for the majority of the regions.