Chairman of the Central Bank (Central Bank) Elvira Nabiullina considers one of the reasons for the accelerated increase in food prices in the lack of labor migrants. This was announced by the head of the Central Bank on a speech in the State Duma, TASS reports. Frame deficit influenced the growth of labor remuneration in agriculture.
The rise in price of the products it also tied with a very good harvest and growing global prices. According to Nabiullina, inflation in Russia approached eight percent, and food inflation reached two-digit values. “The smaller the income in humans, the more products in his personal consumer basket, which means that inflation beats on it first. If we miss inflation now, then the least protected groups of the population will suffer,” the head of the Central Bank noted.
Nabiullina stated that the restoration of the economy after the pandemic is also insidious as the recovery of a person after coronavirus. “When the worst behind, I want to not pay attention to the remaining unpleasant symptoms, but the real threat to health remains and requires attention, and if necessary, treatment,” she noted. Anxious symptom for the domestic economy The head of the Central Bank called the acceleration of inflation. “This symptom cannot be ignored, so now we will tighten the policy after the period of the soft monetary policy of last year,” said the Chairman of the Central Bank. At the end of October, the Central Bank raised the key rate at once 0.75 percentage points – up to 7.5 percent per annum.
By November 15, annual inflation in Russia accelerated to 8.1 percent. According to Rosstat, the weekly price increase from 9 to 15 November accelerated to 0.18 percent against 0.09 percent week earlier. Inflation was 6.81 percent from the beginning of the year.
In November, Bloomberg concludes that the workforce deficit in Russia inhibits the restoration of the country’s economy after a pandemic. After the closure of the borders in 2020, millions of workers migrants left the country. After the weakening of the entry restrictions, employees are in no hurry to return, fearing to be in a problem position due to new locked.
Despite the working force shortage, the Moscow Mayor Sergei Sobyanin instructed to reduce the number of migrants involved in the construction of homes under the renovation program. According to the head of the city, at such construction sites need “other quality people, with another salaries.”