Russian Poverty Jumps to Most in Decade as Consumer Plight Eases

http://www.bloomberg.com/news/articles/2016-03-21/russian-consumer-plight-seen-easing-as-confidence-still-fragile

Russia’s biggest drop in domestic demand under President Vladimir Putin eased further, marking a respite after millions sank into poverty in 2015 as the country’s economy headed for its second year of recession.

The number of Russians considered poor grew by 3.1 million to 19.2 million last year, the most since 2006, the Federal Statistics Service in Moscow said Monday. Real wages declined 2.6 percent from a year earlier, dropping at the slowest pace since they started shrinking in late 2014, the service said in a separate statement. That was less than all eight forecasts in a Bloomberg survey.