Slowdown in Russia’s economy

Good Job! - Conscription reduces the size of the civilian labor force. Russian emigration reduces the working-age population. Both of these factors decrease the supply of labor and the real wage rate rises.

Well Done! - The real wage rate is the nominal wage rate divided by the price level. With zero growth, the increase in the real wage rate is small and most of the 18% increase in money wages is from inflation.

Correct! - W is the money wage rate.

W/P is the real wage rate.

P is the price level.

W = W/P * P

We know that the real wage rate increased and the price level increased,  so money wage rate increased.

That's Right! - The central bank can do nothing about growth but raising the nominal interest rate above the inflation rate creates a positive real interest rate, which slows consumption expenditure and investment and slows inflation.