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Ministry Projects Real Wage Growth From August

Figures

Photo by Liptak Robert / Shutterstock.com

Thanks to the government's anti-inflationary measures, regulated household energy prices, price caps, mandatory food price discounts, and online price monitoring, inflation has decreased by a third since the beginning of the year and could fall into single digits by October, the Economic Development Ministry said in a statement on Thursday, according to a report by state news wire MTI.

Due to the soaring inflation resulting from the protracted war and the sanctions imposed in response, real wages have been falling since September 2022, the ministry acknowledged.

 As a result of the anti-inflationary measures and major wage increases, real wages could grow again from August, and there is every chance that real wages will grow as an annual average this year, it said.

The ministry pointed out that real wages increased steadily in the past ten years. In 2024, with the economy returning to growth and inflation slowing further, it will be possible to restore the annual average real wage growth of over 5% seen in previous years, it added.

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