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Wage Index up 7.3 Percent in One Year

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Wage Index up 7.3 Percent in One Year

Icelandic money

Photo: Geir Ólafsson.

This June, the nominal wage index rose 1 percent from the previous month and 7.3 percent compared with the same time the previous year, Statistics Iceland announced today.

The real wage index, which is the nominal wage index corrected for changes in purchasing power measured by the consumer price index, also rose 1 percent from the previous month and 5.6 percent from the same time the previous year in June.

Generally, real wages increase when wages rise faster than prices and decrease when inflation outstrips wage growth.

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