OREANDA-NEWS In the first months of 2024, the situation on the Russian labor market did not become less tense than at the end of 2023. On the contrary, the struggle of employers for personnel has intensified again over this period of time, according to the website of the Central Bank (CB).

As noted in the regulator, the personnel shortage in the country continues to be the main barrier to expanding the output of goods and services. At the same time, the tense situation in the Russian labor market remains against the background of record low unemployment, the Central Bank said.

In the medium term, the tense labor market situation will put pressure on the Russian economy. At the same time, according to the results of the first quarter of 2024, the acceleration of GDP growth was facilitated, among other things, by high consumer activity against the background of "significant growth in household incomes," the regulator concluded.

Earlier, following the results of the next meeting, the Board of Directors of the Central Bank kept the key rate at 16 percent. At the same time, the regulator indicated that the current inflation rate exceeded the target indicators. However, according to the Central Bank's forecast, the course taken to tighten monetary policy (PREP) will help bring the growth rate of consumer prices in the country closer to the required level of 4 percent by the end of this year.