Moscow-based Federal Statistics Service stated in an e-mail today that due to rise in household spending which resulted from slowing inflation, Russian retail sales increased for the first time in a year in January. The sales received a push of annual 0.3% subsequent to a 3.6% drop in December.

Prior to the release of the figures, Maxim Oreshkin, Head of Research at OAO Rosbank in Moscow said, "We see the basis for stable growth in the retail sector this year. Incomes are growing".

According to expectations of the Government, consumer spending ensures Russia's recovery with expansion of gross domestic product to 3.1% this year. 7.4% growth in first quarter is predicted by Renaissance Capital forecasts.

With a 10.8% rise from last January, the average monthly wage touched 19,060 Rubles or $632.87

As stated by the statistics office, following its addition of 19 stores, sales at OAO Magnit, Russia's second-largest food retailer reached 25% in January whereas food, beverages and tobacco products contributed to bring the retails sales to 49%.