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Two-year low for wage growth

Incomes still well behind inflation

12 December, 12:32
Two-year low for wage growth (ANSA) - Rome, December 12 - In the third quarter of 2011 Italian wages posted their lowest quarterly growth since the third quarter of 2009, Istat said Monday.

The year-on-year growth in the quarter was just 1.4%, compared to a current annual inflation rate of 3.3%, the highest since October 2008.

The quarter-on-quarter growth, 0.3%, was the lowest since the first quarter of 2009, the national statistics agency said. Because of sluggish GDP growth, Italian wage growth has steadily lagged inflation over the last few years, eroding the incomes of salaried workers.

The new Monti government has pledged to help out the middle classes who have been struggling to make ends meet. Italy has had one of the lowest GDP growth rates among developed countries in the last decade.

It is expected to go into recession next year.

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