ETUC says cost-of-living crisis is not over for millions of workers

Europe

The European Trade Union Confederation (ETUC) has highlighted that the combination of inflation and pay trends means that the living standards of European workers have still not recovered from the cost-of-living crisis. Data from the European Trade Union Institute’s Benchmarking Working Europe 2024 shows that pay, after inflation is taken into account, fell by 0.7% in 2023. Workers in Hungary (-3.8%), Czechia (-3.8%), and Italy (-2.6%) faced the biggest falls in purchasing power last year. Germany (-0.9%) and France (-0.6%) were also among the 10 member states where wages failed to catch up with prices. The ETUC also points out that companies have increased their profits in real terms over the last two years and that corporate profits were the primary driver of inflation, according to the European Central Bank.  

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