Economists: Inflation devalued wages by 3.7 percent in first quarter

The average wage in the Czech Republic fell by an average of 3.7 % in real terms in the first quarter of this year due to inflation, the Czech News Agency reported citing data from economic analysts. According to economists, the soaring inflation will continue to devalue wage growth throughout this year and an even bigger real decline can be expected in the second quarter. In nominal terms, wages are estimated to have risen by an average of around 7.2 percent in the first quarter.