Inflation fell sharply in 2023 even as nominal wages decelerated: Percent change in inflation, nominal hourly wages, and nominal weekly earnings in 2022 and 2023
| Category | 2022 | 2023 |
|---|---|---|
| Inflation | 7.7% | 3.9% |
| Hourly wages | 5.4% | 4.6% |
| Weekly earnings | 4.8% | 4.2% |
Note: Inflation data for 2023 represents a change in annual prices using the Chained CPI from 2022 to 2023; likewise, inflation data for 2022 is the annual change between 2021 and 2022.
Source: EPI analysis of Bureau of Labor Statistics Current Employment Statistics and Consumer Price Index public data series.