Iceland - Wage index up 7.3% in one year - August 31, 2017

The wage index, which is calculated by Statistics Iceland, shows that wages in June increased by 1% compared to the month before, and the 12-month increase in wages has been 7.3%. Inflation stays low and, consequently, the purchasing power continues to grow. The real wage index, which tracks the purchasing power of wages, peaked in 2007, after having risen continuously since 1994. The 2008 financial crash caused real wages to drop significantly, and between 2007 and 2010 the purchasing power of wages dropped by 11%. Since 2010 real wages have been on the increase again, reaching the pre-crash peak in 2014. From May 2014 and spring 2017 the purchasing power of wages has increased by 19%.

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For more information, please contact the editor Jan Cremers, Amsterdam Institute for Advanced Labour Studies (AIAS) or the communications officer at the ETUI, Willy De Backer For previous issues of the Collective bargaining newsletter please visit Since June 2013 readers can consult our archive and search through all articles in our database at www.cbnarchive.euYou may find further information on the ETUI at, and on the AIAS at

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