Chileans’ real wages, adjusted for the monthly variation of inflation, accumulated a drop of 1.7 percent in 2022, Chile’s National Institute of Statistics (INE) reported yesterday, Tuesday, with data compiled as of last December.
INE’s results indicate that Chileans have lost purchasing power due to inflation amid a global economic crisis.
The institution’s figures indicate that the seasonally adjusted real remuneration index advanced 0.5 percent in December with respect to November 2022.
In the last month of 2022, the nominal compensation and labor cost indexes registered 12-month increases of 10.8 percent and 10.5 percent, respectively.
The economic sectors of commerce, manufacturing industry, financial activities, and mining recorded the highest positive annual impacts in the indicators above.
According to the report, the average wage per ordinary hour was 6,162 Chilean pesos (about US$7.6), a year-on-year increase of 10.6 percent.
At the same time, the average total hourly labor cost was 7,112 Chilean pesos (about US$8.8), with a 10.4 percent growth in 12 months.
Regarding the gender pay gap, the average per regular hour had a 9.2 percent reduction and a 9.1 percent decrease in the average total hourly labor cost.