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Daily Insight-Politics turn sour; real salaries decline in October; update on banks\' liquidity
Real salaries fell 0.3% MoM in October, but grew 11.4% YoY, the State Statistics Service reported on Friday. In nominal terms, the average salary declined 0.3% MoM, but increased 17.5% YoY. At the same time, price-adjusted productivity grew 19.3% YoY, faster than real salaries, a trend which has continued since October 2010, indicating that this period\'s salary growth is not as pro-inflationary in nature as it was through most of 2010.