The Central Bank announced an increase in the shortage of labor against the backdrop of partial mobilization

One of the consequences of the partial mobilization in Russia has been an increase in labor shortages in many industries. About it says in a statement from the Bank of Russia.

The Central Bank explained that at present, the possibility of expanding production in the country is limited by the situation on the labor market. The regulator also noted that the unemployment rate in Russia has updated a historical low. However, there is a labor shortage.

“Against the backdrop of the effects of partial mobilization, labor shortages are increasing in many industries. Under these conditions, the growth of real wages is accelerating in them, which can outpace the growth in labor productivity,” the Bank of Russia said.

The regulator called the external conditions for the Russian economy “difficult” and noted that they continue to limit the country’s economic activity.

On December 16, the Board of Directors of the Bank of Russia decided save the key rate remains unchanged at 7.5%. The regulator explained that price growth is moderate, and consumer demand was described as “restrained”. At the same time, pro-inflationary risks began to prevail over disinflationary ones.

The Central Bank leaves the rate at the same level for the second time, the previous time the regulator saved it at 7.5% in October. It was noted that the growth rate of consumer prices remains low, which contributes to the slowdown in annual inflation. The Bank of Russia added that partial mobilization will be a deterrent to inflation in the coming months.

From September 21 to October 31 in Russia, by decree of the head of state, there was a partial mobilization. The Ministry of Defense announced plans to call up 300,000 troops, but according to Russian President Vladimir Putin, 318,000 people were mobilized because a large number of volunteers wanted to go to the war zone.