The Bank of Russia noted the increase of wages, which contributed to slowing inflation. This is stated in the message controller following the meeting of the Board of Directors, which decided the question about the key rate.
“Consumer demand supported by growth in real wages, helped by slowing inflation. Unemployment is at levels that do not affect inflation,” — said in a release the Central Bank.
The regulator is still repelled by the level of inflation in their forecasts of monetary policy, and notes that the main risks to growth or decline in prices has not changed. The Central Bank said three main factors. The first is the increasing structural shortage of manpower, which may lead to significant delays in the rate of productivity growth from wage growth.
“Secondly, a source of inflationary pressure may be the change of behaviour of households associated with a substantial decrease in the propensity to save”, — stated in the message. Finally, inflation expectations remain at an elevated level, as it directly depends on fluctuations of prices of individual groups of goods and services, as well as from the dynamics of the ruble.
In early October, the recruiting company HeadHunter has published a study according to which most wage growth in 2017 were recorded from the leaders.
The Russian authorities in the person of the head of the Ministry Maxim Oreshkin 27 Sep promised that real wages in 2017 will increase by more than three percent. In 2018, wages will increase by four percent.