2014 salary growth offset by inflation

In December 2014, the average monthly salary in Belarus was BYR 6,806,000 (approx. $547) which is 16.2% higher than in December 2013. The yearly total rate of inflation of 16.2% means that real salaries in Belarus did not grow in 2014. Most likely, a further fall in household income can be expected due to the devaluation of rouble and a larger proportion of paid services in the consumer goods basket. Higher import prices will mean that consumers start demanding more domestically produced goods and the level of savings will fall. Unlike during previous post-devaluation periods, there will not even be a nominal growth in personal income. Economic crises in the neighbouring states mean that labour migration will be limited.