Incomes in Russia Continue 4-Year Plunge
After subtracting inflation, food and utilities, the amount of money Russians have left to spend on themselves has shrunk for the fourth year running.
Western sanctions over the Ukraine crisis, the collapse in oil prices and the ruble’s devaluation drove inflation to double digits before it dipped back below Russia’s target of 4 percent this year.
Despite record low inflation rates touted by the country’s leadership, real disposable income fell 1.3 percent compared to October 2016, the state statistics service Rosstat said in its monthly data set published Monday.
Rosstat recorded the same 1.3-percent drop in disposable income from January to October 2017.
Meanwhile, real monthly wages climbed by 4.3 percent and retail sales saw 3-percent growth compared to October 2016.