Real wages in Russia increased by 4.4 percent year-on-year in October, following a downwardly revised 4.9 percent advance in the previous month and below market expectations of a 6.8 percent gain. Average nominal wages jumped 8.1 percent to RUB 42,000 while annual inflation rate rose to 3.5 percent, its highest level since July 2017. Meanwhile, real disposable personal income in Russia increased by 1.4 percent in October, following a 2.5 percent drop in the previous month. Wage Growth in Russia averaged 5.78 percent from 1998 until 2018, 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 4.20 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 2.20 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.