In this year’s negotiations, base pay was raised for the second year in a row, and at many firms the increases were larger than last year (Chart 4). Base pay increases were achieved at more firms than last year and became widespread across industries and firms of different size.
As for price setting, an increasing number of firms seem to be able to pass increased costs, including the rise in input prices and personnel expenses, on to sales prices. In addition, it seems that households have started to accept such sales price increases on the back of an increase or prospects for an increase in their wages.