Macro Analysis /
Russia

Russia: Inflationary concerns are well rooted in real salary growth

  • The economic recovery of 1H21 led to a rapid normalisation of the labour market

  • Retail trade up just 10.9% y/y in June; unemployment declined to 4.8%, strong real salary growth of 3.0% y/y in 5M21

  • Low unemployment, faster growth in real salaries and strong demand for loans appear to contribute to inflationary risks

Russia: Inflationary concerns are well rooted in real salary growth
Natalia Orlova
Natalia Orlova

Chief Economist

Alfa
29 July 2021
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