Total sum of wages increased in nominal terms and decreased in real terms
The total amount of wages paid by companies in the Helsinki region increased by six per cent in the fourth quarter of 2022. Despite the nominal increase in the total sum, rapid inflation reduced the purchasing power of wage and salary earners. The strong growth in the total sum of wages that started in 2021 gradually slowed down at the end of 2022 and turned negative, when the impact of inflation is taken into account.