that have soared this year can adjust downwards next year. in some cases, this will be owing to the normalisation of the supply - side situation ; in others — the downward trend may emerge as elevated demand diminishes. we have observed such processes this year already. for instance, if we talk about prices for pork and chicken bought most frequently, there were periods of price surges provoked by the worsening of the epizootic situation. nonetheless, supply has rebounded by december and weekly statistics show that prices have declined, although only slightly. an illustrative example of price adjustment when soaring demand goes down is chip boards and metal roofing tiles. the annual growth of prices for these goods remains high due to the drastic increase in the first half of the year. nevertheless, after the peak in july, prices for boards and tiles have declined by 20 % and 14 %, respectively. i will now speak of the economic situation. according to our estimates, economic activity 1 / 4 bis central bankers'speeches is growing faster this quarter as compared to the previous one, but predictably more slowly than during the period of its active recovery in the second quarter of 2021. as of the end of the year, the overall increase in gdp might reach nearly 4. 5 %. output is expanding in a wide range of industries. as of the date of the board of directors meeting in october, output in services was still below pre - pandemic readings, whereas today ( despite the rather challenging pandemic situation ) it has approached this level. by the moment, oil output has not recovered completely due to the opec + oil production cuts. passenger transportation is still below pre - pandemic volumes as well. as shown by high - frequency indicators, both consumer and investor demand continues to trend upwards steadily. investment growth is supported by a substantial rise in corporate profit in many sectors and expectations about a further expansion of demand. i would now focus on the labour market. in october, unemployment decreased to 4. 3 %, which is its record low. the demand for labour continues to grow. the number of vacant jobs is significantly higher than two years ago, specifically by about a third. many industries are facing a shortage of workers, including both specialists and low - skilled workers. speaking of the inflow of labour migrants, it has already returned to the pre - pandemic level, according to recent data. however, as the demand in the industries with a large portion of labour

” have been proposed but not finalized. both proposals will inform the final rule governing the methodology for capital distributions. see board of governors of the federal reserve system, “ federal reserve board invites public comment on framework that would more closely match regulations for large banking organizations with their risk profiles, ” news release, october 31, 2018 ; board of governors of the federal reserve system, “ federal reserve board seeks comment on proposal to simplify its capital rules for large banks while preserving strong capital levels that would maintain their ability to lend under stressful conditions, ” news release, april 10, 2018. 3 / 3 bis central bankers'speeches