Their real, inflation-adjusted wages and disposable incomes (excluding mandatory payments) had been growing for three years in a row, but now they have stopped. According to the HSE Development Center, adjusting for seasonality, real disposable incomes in June were 0.23% lower than at the end of last year, while real wages in May were 0.15%. Russians’ incomes are being pressured by slowing wages due to the cooling economy and declining business and property income, notes Olga Belenkaya, an economist at Finam. These incomes are declining along with interest rates, reducing people’s overall income, according to the Center for Macroeconomic Analysis and Short-Term Forecasting (CMASF). Low income is the main factor complicating life for Russians, according to a Levada Center survey.