However, there is a large gap between the year-on-year growth in real compensation of employees in total and in real private consumption: in the OctoberDecember quarter of 2013, the former showed only a moderate increase of 0.6 percent, while the latter increased by 2.3 percent.
There seem to have been fairly strong expectations among the public since 2013 that, as the inflation rate rose, the rate of wage increases would eventually reach the same level.