Workers covered by agreements lose more than 5.6 points in purchasing power in a year marked by record inflation
Spanish workers said goodbye to 2022 with a sharp loss of purchasing power that affects their domestic economy. While wages of the more than nine million workers covered by collective bargaining rose by an average of 2.78%, according to December data released this Tuesday by the Department of Labor, prices shot up three times as fast, namely 8.4%, according to the average inflation over the past year collected by the INE.
This means that Spanish workers have lost more than 5.6 points in purchasing power in a year in which inflation has risen to levels not seen in more than three decades, to the point of 11% in the month of July, although they are moderate until they were 5.8% in December.
On the contrary, the wages of the workers covered by the agreement have increased month after month and, although the average wage increase in January was barely 2%, they ended the year with an increase of 2.78%, insufficient to against escalating growth. prices, but the biggest increase in 14 years. You have to go back to 2008 when wages rose by more than 3%.
Source: La Verdad
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
