Wages and labour costs · Russia
Russia Real Wage Growth YoY
The Russia Real Wage Growth YoY measures how fast pay, or the total cost of employing people, is rising in Russia.
- Importance
- Low
- Publié
- Monthly
- Prochaine publication
- Devise
- RUB · Russian rouble
- Banque centrale
- The Bank of Russia
Derniers chiffres
La dernière publication, pour AUG, est parue le 2026-10-28 et s’est établie à 3.3%. C’est au-dessus du consensus de 3%. C’est inchangé par rapport à 3.3% la fois précédente.
A higher figure than expected makes the Bank of Russia more likely to keep rates high or raise them: it tends to support the Russian rouble and push bond yields up, and is often a weight on stocks.
Sur les 12 dernières publications, la valeur est allée de 2.4% à 8.6%, avec une moyenne de 5.3%.
| Publié | Pour | Réel | Consensus | Précédent |
|---|---|---|---|---|
| 28 Oct 2026 | AUG | 3.3% | 3% | 3.3% |
| 30 Sep 2026 | JUL | 3.3% | 2.4% | 3.4% |
| 2 Sep 2026 | JUN | 3.4% | – | 4.5% |
| 29 Jul 2026 | MAY | 4.5% | – | 5.1% |
| 1 Jul 2026 | APR | 5.1% | – | 8.1% |
| 3 Jun 2026 | MAR | 8.1% | 7.1% | 8.6% |
| 29 Apr 2026 | FEB | 8.6% | – | 8.6% |
| 1 Apr 2026 | JAN | 8.6% | – | 2.4% |
| 4 Mar 2026 | DEC | 2.4% | 4.4% | 5.8% |
| 6 Feb 2026 | NOV | 5.8% | 6.1% | 6.1% |
| 26 Dec 2025 | OCT | 6.1% | 3.3% | 4.7% |
| 3 Dec 2025 | SEP | 4.7% | 3.5% | 3.8% |
Pourquoi c’est important
Wages are the largest cost for service businesses, so wage growth well above productivity growth turns into lasting inflation. Central banks watch it to judge whether inflation will return to target; strong wage growth tends to keep the Bank of Russia hawkish.
Mode de calcul
Pay data come from employer surveys, tax records or collective agreements; the release usually shows the change from a year earlier. Labour cost indexes include employers' social contributions and benefits.
Wage growth (yoy) = average pay ÷ average pay a year ago − 1
Real wage growth ≈ wage growth − inflationCe que signifient les variations
- Wage growth of about 3–3.5% is roughly consistent with 2% inflation when productivity grows about 1%.
- Compositional effects (low-paid workers losing jobs) can lift the average misleadingly.
Supérieur aux attentes : A higher figure than expected makes the Bank of Russia more likely to keep rates high or raise them: it tends to support the Russian rouble and push bond yields up, and is often a weight on stocks.
Inférieur aux attentes : A lower figure than expected gives the Bank of Russia room to cut or hold rates lower: the Russian rouble tends to soften and bond yields to fall.
Un bref historique
The link between wages and inflation was described by A. W. Phillips in 1958 (the Phillips curve); it has weakened and strengthened over the decades but remains central to central-bank thinking.
Questions
What is the Russia Real Wage Growth YoY?
The Russia Real Wage Growth YoY measures how fast pay, or the total cost of employing people, is rising in Russia.
What was the latest Russia Real Wage Growth YoY?
3.3% for AUG, published on 28 October 2026 (consensus 3%, previous 3.3%).
When is the next Russia Real Wage Growth YoY?
On Wednesday 2 December 2026 at 16:00 UTC.
Contenu éducatif uniquement, pas un conseil en investissement. Les chiffres sont les résultats publiés tels qu’enregistrés par notre calendrier ; les réactions de marché décrites sont typiques, non garanties.