If the interest rate effects are factored in, the real wage reduction is larger, 5.3 percent.
“The decrease in real wages compared to the previous year is not as steep in the second quarter as in the first. This is mainly due to the fact that inflation has slowed down, but also to the fact that wage increases are now higher than before,” writes Petter Hällberg at the Mediation Institute in a press release.
According to preliminary figures, wages have increased by 3.1 percent in June, compared to the same month last year.