Real - or inflation adjusted - average wages posted the first rise in nine months, rising 0.1% y/y in December, indicating that households continued to be weighed down by rising living costs caused by high energy and food prices. Total CPI minus imputed rents rose 4.8% y/y in December, accelerating from 4.5% in November.
Real wages in 2022 fell 0.9% y/y, for the first drop in two years following a rise of 0.6% in 2021. Separate data showed spending was weighed down by high living costs.
Real average household spending in December fell 1.3% y/y for the second straight drop following a decline of 1.2% in November, data released by the Ministry of Internal Affairs and Communications on Tuesday showed. In monthly terms, real average household spending fell 2.1% in December, for the second straight drop following a 0.9% decline in November.