"The industrial mark is now lower and makes the wage increase rate slow down. Wages are still increasing faster than consumer prices", says Mediation Institute's macroeconomist Petter Hällberg in a press release.
This can be compared to a wage increase rate of on average 4.4 percent at the beginning of the year.
"The wage increase rate has however been dampened now that the industry's cost mark has decreased from an annual increase rate of 4.1 percent to 3.3 percent", says Petter Hällberg.
If you exclude consumer price increases, excluding mortgage interest rates – i.e. CPIF inflation – of 2.3 percent in May, this means a real wage increase of 1.5 percent.
Including the effects of increased mortgage interest costs, the real wage increase was barely 0.1 percent in May.
