Russia's Labor Shortage Drives Wages Up

• Real wages in Russia rose 7.6% in first 11 months of 2022, beating inflation, due to wartime labor shortage • Over 6 years, real wages in Russia rose 33.2% • Private sector wages estimated to be up 8-20% in 2022 • Labor crunch due to brain drain and men fighting in war • Russia’s economic growth spurring high inflation, nearing 12% in 2022, risks overheating economy