Russians’ real disposable income falls at fastest pace in 7 years

According to preliminary data, in August real disposable income of Russians decreased by 8.3% in annual terms.

It was reported by RIA Novosti with reference to the data of Rosstat (Russia’s statistics agency – RRT).

Real disposable income is income minus obligatory payments, corrected by consumer price index.

According to preliminary estimates, the average monthly salary in August 2016 amounted to 34,000 rubles (approx. $530 – RRT), which is 5.8% higher in nominal terms compared to the same period last year. In real terms, it decreased by 1%.

According to the data, the fall of Russians’ income has been observed for 22 consecutive months. Last time the growth was recorded in October 2014. Also, the pace of the fall is the highest for more than seven years. Last time it decreased faster in December 2008 (by 10.7%).

Source: Gazeta.Ru