Real wages in Russia rose 0.2 percent year-on-year in January of 2019, easing significantly from an upwardly revised 2.9 percent gain in the prior month and below market expectations of a 0.4 percent increase. It is the lowest annual gain in wages since a 1.3 percent drop posted in July 2016. Average nominal wages went up 5.2 percent to RUB 41,120 while annual inflation rate picked up to a 2-year high of 5.0 percent in January from 4.3 percent in the prior month. Wage Growth in Russia averaged 5.74 percent from 1998 until 2019, reaching an all time high of 27.20 percent in December of 2001 and a record low of -41.40 percent in January of 1999.
Wage Growth in Russia is expected to be 2.90 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Wage Growth in Russia to stand at 1.50 in 12 months time. In the long-term, the Russia Real Wage Growth is projected to trend around 2.20 percent in 2020, according to our econometric models.