Real term suffering

Spain amongst worst hit in cost of living crisis

SPANISH workers suffered the most of any large Eurozone country as their real wages got hit by high inflation in 2022.

The Organisation for Economic Co-operation and Development (OECD) report, Taxing Wages, worked out the effect of inflation on purchasing power and calculated that wages in real terms fell by 5.3% in Spain last year. Although gross salaries grew by 2.9% (almost €800) to €28,360 gross on average per year, skyrocketing inflation (which closed the year at 8.6%)

By Alex Trelinski

reduced the purchasing power of people in Spain far higher than their European neighbours.

On average, the gross salary of the 38 countries that make up the OECD suffered a loss of 3.4%, two points less than in Spain.

Purchasing

Moreover, the purchasing power of Spaniards fell 10 times more than in France (-0.5%), three times more than in Italy (-2.2%) and