Real wages in Chile fell 2.4 percent in October year-on-year and 1.7 percent in the past 12 months, the National Institute of Statistics (INE) said Tuesday.

Data showed that real wages, which refer to wages adjusted for inflation, have lost value due to rising prices, eroding Chileans' purchasing power, said the INE.

Nominal wages and cost of labor indices increased 10.9 and 10.5 percent respectively in October compared to the same period last year, rising the most in the areas of trade, manufacturing, construction and mining.

The average hourly wage reached almost 7 U.S. dollars, a year-on-year increase of over 10 percent.

Source:
courtesy of XINHUA NEWS AGENCY

by XINHUA NEWS AGENCY

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