wage price index (1 Viewer)

[itgrl26]

What exactly is the wage price index? Wage inflation? So if the WPI is at +4.1%, does that mean that wages at 4.1% higher? I am so screwed for economics.

 

[Sparcod]

What exactly is the wage price index? Wage inflation? So if the WPI is at +4.1%, does that mean that wages at 4.1% higher? I am so screwed for economics.

If you know what Consumer Price Index (CPI) is, you can easily work out what the definition of WPI is.

What's WPI? I'll give you a hint- click this link.
http://www.abs.gov.au/ausstats/abs@.nsf/66f306f503e529a5ca25697e0017661f/973c7a0104155de0ca256fb0007bcdf1!OpenDocument

Just scroll down about half way and it'll give you a good definition from the experts.


Hope that helps!

 

[ljj861125]

I think it generally means the increase in costs by businesses, as wages can cost 60% of a company's total costs. and the these costs can be passed onto consumers by rising prices