Real Wages Fall 9.5% in Russia in 2015
- New Europe Investor
- January 27, 2016
Russia’s state statistic service, Rosstat released statistics on Monday showing that real wages in the country fell by 9.5% last year compared to 2014.
It is a marginal improvement to statistics from December which showed a fall of 10% compared to December of 2014.
Interfax recently reported that 26% of Russians are currently eating into personal savings to cover their daily spending habits.
Inflation in Russia has been running well into double digits for some time now thanks to the ruble crisis, caused by; Western led sanctions, the global oil price decline and Russia’s own sanctions on Western food produce.
It recently emerged that Russia’s 2016 budget assumes oil prices at $50 a barrel, well above the current rate of under $30 for US Brent Crude.
Additionally, the recent waves of decline in oil prices has hit the ruble yet again, last week falling to new lows of 85 to the dollar.