The increase in inflation in Chile, which is close to the 12% accumulated in the last year and which promises to continue to rise after the historic rise in the dollar, continues to reduce the purchasing power of Chileans.
The National Institute of Statistics (INE) released the Real Remuneration Index (IR), which recorded its eighth consecutive fall in May, losing 1.8% compared to the same month last year. This implies that since October of last year, the salaries of Chileans have lost purchasing power, since the nominal variation has been less than the accumulated inflation.
The Nominal Remuneration Index (IR) and the Cost of Labor Index (ICMO) registered a twelve-month rise of 9.6% each. By economic sector, Commerce, Manufacturing Industry and Construction registered the highest positive annual incidences in both indicators, detailed the statistical entity. The average compensation per ordinary hour was $5,799 (6 dollars), noting a year-on-year increase of 8.2 percent. This value stood at $5,502 (5.7 dollars) for women, which meant an annual variation of 8.8%, while for men it was $6,055 (6.3 dollars), registering an increase of 7.7% in the same period.
Average total hourly labor cost was $6,650 ($6.9), posting twelve-month growth of 8.3%. This value stood at $6,297 (6.6 dollars) for women, which implied a year-on-year increase of 9.2%, and $6,959 for men, registering an increase of 7.7% in the same period.
The gender gap of the average compensation per ordinary hour was -9.1%, while that of the average cost of labor per total hour was -9.5 percent.
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