Rising wages offsetting inflation, says Gokarn
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High inflation may not be generating the same kind of "unrest" that it used to in the past as rural wages have been rising at a faster clip annually for the past 5 years, RBI deputy governor Subir Gokarn has said.
"Why is high inflation not generating same kind of unrest or outrage that it used to historically?" Gokarn said, adding that "an important answer to this could be that rural wages have actually been rising by about 20 per cent annually for the last five years."
Addressing a management event over the weekend, Gokarn said, it's "puzzling" to know why recent episodes of high inflation have not evoked the kind of sharp provocation that had rocked the nation many times in 50-60 years.
"Wages at the very bottom-end of the labour market have been rising at a rate which more than offsets significantly, the rising costs of living. Despite high inflation, people are actually feeling that they are better-off," said Gokarn.
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