Spain - Wages fell during the crisis - November 30, 2016
Salaries have suffered more from the crisis than what wages statistics showed so far. The Income Inequality Update by OECD shows that between 2010 and 2014, workers with the lowest salaries suffered the greatest wage cuts of all OECD member states after Portugal. According to the Labour Price Index that is published by the National Institute of Statistics (INE), workers' wages fell by 0.7% between 2008 and 2014. Between 2009 and 2010, the annual rate registered positive values (1.5% and 0.5%, respectively), to decline between 2011 and 2013, until 2014, when they recovered again (0.8%). The labour price index shows that between 2008 and 2014 wages have actually declined 0.7%; in the same period, prices increased with 8.5%. This implies a 9.2% loss of purchasing power.
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