77.05% of salary update negotiations in Brazil, Latin America’s leading economy, exceeded inflation in the first half of 2023, according to a study released this Saturday by the state-run Agencia Brasil.
The official data from the Medidor portal of the Ministry of Economy was released by the Foundation Institute of Economic Research (FIPE, in Portuguese), which conducted a review of collective work negotiations during the first half of the government of Luiz Inácio Lula da Silva.
The average wage update was 0.79 percent higher than inflation, the best result since 2018, according to FIPE.
It added that wage updates surpassed inflation for every month from January to June.
Brazil has an accumulated inflation rate over the past 12 months of 3.16 percent.
According to FIPE, the Central-West region, the country’s agricultural heart, stood out the most regarding wage updates during the first semester.