Encouraging economic data in Russia
Russia: Retail sales (Jan.): 2.8% y/y vs 2.4% expected (prior: 3.1%)
- The increase in minimum wage this year, decreed by Putin starting in January, low inflation (2.2% in January, a record low) and relatively strong labor market-conditions should bolster consumption this year.
- This should help the economic momentum to pick up.
Russia: Real wages (Jan.): 6.2% y/y vs 5.0% expected (prior: 6.2% revised from 4.6%)
- Annual increase in real wages remains at the highest since 2013.
Russia: Disposable income (real) (Jan.): 0.0% y/y vs -0.5% expected (prior: -1.4% revised from -1.8%)
Russia: Unemployment rate (Jan.): 5.2% vs 5.3% expected (prior: 5.1%)
- The unemployment rate stood at 5.5% a year earlier.
Russia: PPI (Jan.): 0.1% m/m vs 1.3% expected (prior: 1.2%)
- PPI y/y: 5.0% vs 6.4% expected (prior: 8.4%)