The wage index in December 2006 is 300.8 points, 0.1% lower than in the previous month. This deflation is caused by the decreasing effect of a lump sum payment, determined under an agreement between the Icelandic Confederation of Labour (ASI) and the Confederation of Icelandic Employers (SA) in November 2005 which caused an increase of the wage index in December same year.
The quarterly wage index for the fourth quarter 2006 is 159.8 points, 1.3% higher than in the previous quarter. Comparable index for the public sector and banks is 162.4 points, 1.5% higher than in the previous quarter. The quarterly index for the private market is 158.0 points, 1.1% higher than in the previous quarter.
In the last twelve months the wage index has risen by 9.8%.
| Wage Index 2005-2006 | |||||
| Dec. 1988 = 100 | Change from previous month, % | Annual rate based on the change in the last | |||
| Index | 3 months, % | 6 months, % | 12 months, % | ||
| 2005 | |||||
| December | 273.9 | 0.6 | 6.2 | 5.2 | 7.2 |
| Average | 267.2 | . | . | . | 6.8 |
| 2006 | |||||
| January | 282.8 | 3.3 | 19.3 | 11.3 | 8.3 |
| February | 284.4 | 0.6 | 19.0 | 11.9 | 8.6 |
| March | 285.4 | 0.3 | 17.9 | 11.9 | 8.6 |
| April | 286.4 | 0.4 | 5.2 | 12.0 | 8.4 |
| May | 289.1 | 0.9 | 6.8 | 12.7 | 8.7 |
| June | 290.4 | 0.4 | 7.2 | 12.4 | 8.8 |
| July | 295.4 | 1.7 | 13.2 | 9.1 | 10.2 |
| August | 297.4 | 0.7 | 12.0 | 9.4 | 10.6 |
| September | 298.9 | 0.5 | 12.2 | 9.7 | 10.8 |
| October | 300.4 | 0.5 | 6.9 | 10.0 | 11.0 |
| November | 301.0 | 0.2 | 4.9 | 8.4 | 10.5 |
| December | 300.8 | -0.1 | 2.6 | 7.3 | 9.8 |
| Average | 292.7 | . | . | . | 9.5 |
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