Currently, Ukraine is experiencing a significant labor shortage, which is driving up salary levels. This is mentioned in the recent Inflation Report from the National Bank of Ukraine (NBU) as of October 2024.
In the second quarter of this year, the average real salary rose by 17.6% year-on-year, while the nominal salary increased by 22.1% year-on-year. According to available indirect data, the rapid growth of nominal salaries has continued into the third quarter.
At the same time, the intensification of inflationary pressure has led to a slight slowdown in the growth rate of real salaries, although they still remained quite high and continued to support private consumption.