Portugal's total workforce rose 1.1% from the previous quarter to 5.3 million people. The largest pay increases were registered at international organisations working in Portugal, where gross wages rose by an average of 13.2%, followed by service companies with "strong knowledge intensity" which increased salaries by 10.5%. Portuguese consumer prices rose 5.7% year-on-year in April in a significant slowdown from a 7.4% increase in the previous month, with food inflation showing signs of abating. ($1 = 0.9084 euros) (Reporting by Sergio Goncalves; Editing by Bernadette Baum)
Messaging: sergio.goncalves.reuters.com@reuters.net)) LISBON, May 11 (Reuters) - Portugal's average gross
wages climbed 7.4% in the first quarter from a year ago,
following a 4.5% increase in all of 2022, but workers lost
purchasing power as inflation was slightly higher in the period,
official data showed on Thursday.
The National Statistics Institute said workers were paid on
average 1,355 euros ($1,492) per month before taxes.
The European Central Bank (ECB) closely monitors wages in
the euro zone to steer its monetary policy and ECB President
Christine Lagarde said on Wednesday it must be "extremely
attentive" as rising pay could further stoke inflation.
However, the INE said that adjusting for inflation, which
clocked 8.0% in the quarter ended in March, the total average
monthly gross remuneration decreased by 0.6% in real terms.
Its data covers contracts of 4.5 million workers in the
private and public sectors, an increase of 4.2% from the same
period of 2022.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.