Average earnings rise but barely match consumer price increases

Tue, 28 Nov, 2023 - 20:14

Eamon Quinn

Earnings have risen across most parts of the economy in the past year, but the average increases are barely keeping pace or failing to match the annual rate of inflation, official figures suggest.

The Central Statistics Office said average weekly earnings increased by 4.6% across 12 out of 13 sectors in the year to the end of September.

Average hourly earnings — an alternative measure of earnings and wages — rose by 6.2% in the same period, the figures show.

However, the latest official consumer price index published earlier this month showed that the prices of a basket of goods and services rose at an annual rate of over 5% since last October, down from a reading of 6.4% for the annual inflation rate in the previous month.

There were significant vacancy rates in scientific and technical services and in public administration, according to the figures.

Separately, the CSO said the overall volume of retail sales fell by 0.2% in October from a year earlier, suggesting that the cost-of-living crisis for many people is weighing on sales.

By volume, sales of clothing and footwear have slid by 7.5% in the past year, and have fallen by 3.7% when measured in terms of value or the money spent on the goods in the same period.

Ciarán Nugent: As inflation steadies, pressure from the cost-of-living crisis persists