Rise in inflation cut recovery of real wages in September

The purchasing power of wages cut off the recovery that began in August and fell slightly in September as a consequence of the acceleration in the rate of increase in prices.

As reported by the National Institute of Statistics (INE) this Monday, the Average Salary Index (IMS) increased 0.21% in September (versus 0.16% in the same month last year), 9.01% in the accumulated January-September and 9.88% in the last 12 months .

For its part, the inflation closed in the 12 months to September at 9.95%so that wages were once again below the average evolution of prices.

Thus, the Average Real Salary Index fell 0.06% in the 12 months closed to September; August had closed with a rise of 0.37%. In the case of public employees, the purchasing power drags a decrease of 0.99% in the last moving year, while in the private sector it grows 0.47%.

The economist Nicolás Cichevski, from CPA Ferrere, noted that “removing seasonal and irregular effects” real wages are about 3% below pre-pandemic levels (February 2020) and almost 4% of the maximum reached in July 2019.

The average index of nominal salaries (IMSN) had a monthly variation of 0.18% in September, of 9.36% accumulated in the year and of 10.32% in the last 12 months.

According to the INE, the Average Real Wage Index (based on July 2008 =100), registered a monthly fall of 0.68% in September, product of the variations of the private sector (-0.63%) and the public sector (-0.76%).

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