BOFIT Viikkokatsaus / BOFIT Weekly Review 2016/16
The seasonally adjusted volume of retail sales slid further. Sales were down 5.5 % from a year earlier and down 12 % from two years ago. Real household incomes contracted nearly 4 % y-o-y. Driven by private sector wage hikes, nominal wages rose 6 % y-o-y, just a couple of percentage points less than the pace of 12-month inflation.
Retail sales and industrial output volumes, 2009‒2016
Source: Rosstat.