The Central Bank described the growth of wages as one of the pro-inflationary risks in the current economic situation. Wages are now growing faster than labor productivity, and this may be an additional help to inflation, experts say.

Central Bank experts described wage growth as a pro-inflationary risk

The growth of wages faster than the growth of labor productivity can affect the level of inflation, experts from the Bank of Russia said in the bulletin “What Trends Say”.

Central Bank specialists came to the conclusion that now wages in Russia are growing independently of the growth of labor productivity. This happens against the background of high demand for skilled labor from enterprises and contraction of supply in the labor market, the Bank of Russia noted.

The situation in which the growth rate of wages exceeds the growth rate of labor productivity can be called a pro-inflationary factor, experts explain.

According to HeadHunter, the supply on the job market fell significantly in the fourth quarter of 2022. Line staff and crisis managers are in the highest demand.

According to the latest Rosstat data, unemployment in Russia is at a record low of 3.7%.


Kirill Bilyk

Source: RB

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