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Inflation continues to weigh on Chilean salaries: Completed 15th straight month of decline



The nominal real reward index, which measures the evolution of rewards adjusted by monthly changes in the consumer price index (CPI), accumulated -1.7% change in 2022.

Wages in Chile fell in a new row. Having been down for 15 months due to inflation, he amassed a contraction of -1.7% in December 2022, when the analysis ended.

According to the National Statistical Institute (INE) last December, the nominal compensation index (IR) and cost of labor (ICMO) increased by 10.8% and 10.5% respectively over the 12 months.

By economic sector, commerce, manufacturing, financial and insurance activities, and mining had the highest annual positive rates for both indicators.

However, the real IR, which measures changes in compensation adjusted by monthly changes in the consumer price index (CPI), accumulated a change of -1.7% in 2022.

“The average regular hourly earnings was $6,162, an increase of 10.6% year-on-year. This value was $5,847 for women, representing an 11.1% annual variation, and $6,435 for men. registered an increase of 10.3% over the same period,” said INE.

Total average labor cost per hour was $7,112, a 10.4% increase over 12 months. This was $6,750 for women, representing an 11.1% increase year over year, and $7,428 for men, a 9.9% increase over the same period.

Finally, the report found a gender gap of -9.2% in average hourly wages, and an average total hourly labor cost of -9.1%.

Source: Biobiochile

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