Retail volumes in Russia continue to decline

According to Raiffeisenbank, last month the retail trade turnover fell to -13.1%. The worst performance was only in the days of the denomination of the ruble in 1998.

The non-food segment suffered the most: a decline in sales to -14.6%, continuing the October decline (-12.6%). Both figures are the worst since 1999. At the same time, the purchasing power of the population is constantly decreasing, contrary to data from Rosstat, according to which the real incomes of citizens have increased.



At the same time, the decline in actual wages slowed down (to -9% in November versus -10.5% the month before last). This trend is due both to a reduction in inflation and an acceleration in the growth of nominal wages (+ 1.2% compared with 3.4% in October).
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Raiffeisenbank also notes the resumption of rising unemployment. After surprisingly optimistic figures throughout the year, it rose significantly in October, and last month it increased to 4.4 million people (5.8%). According to experts, the percentage of so-called "hidden" unemployment has increased along with official data.