The wage index in October 2008 is 353.3 points, 0.3% higher than in the previous month.
The wage index in October reflects the effect of a newly concluded collective agreement between the Icelandic Medical Association and the Minister of Finance, on behalf of the State Treasury. The agreement stipulates, i.a. an average increase in wages by 6% from 1 September 2008.
The wage index in October also reflects the effects of a collective agreement between the Icelandic Association of State University Professors and the Minister of Finance, on behalf of the State Treasury from 26 September 2008. The agreement stipulates an increase in basic wages by a fixed amount, 20,300 ISK from 1 May 2008. According to the agreement wages increased by 2.42% on 1 September 2008.
In the last twelve months the monthly wage index has risen by 8.8%.
| Wage Index 2007-2008 | |||||
| December 1988=100 | Change from previous month, % | Annual rate based on the change in the last | |||
| Index | 3 months, % | 6 months, % | 12 months, % | ||
| 2007 | |||||
| October | 324.6 | 0.5 | 6.1 | 6.5 | 8.1 |
| November | 325.9 | 0.4 | 6.1 | 5.8 | 8.3 |
| December | 326.6 | 0.2 | 4.4 | 4.8 | 8.6 |
| Average | 319.1 | . | . | . | 9.0 |
| 2008 | |||||
| January | 330.9 | 1.3 | 8.0 | 7.1 | 6.2 |
| February | 333.5 | 0.8 | 9.7 | 7.9 | 6.8 |
| March | 337.6 | 1.2 | 14.2 | 9.2 | 7.8 |
| April | 340.5 | 0.9 | 12.1 | 10.0 | 8.2 |
| May | 342.0 | 0.4 | 10.6 | 10.1 | 7.9 |
| June | 346.2 | 1.2 | 10.6 | 12.4 | 8.5 |
| July | 348.8 | 0.7 | 10.1 | 11.1 | 9.1 |
| August | 350.4 | 0.5 | 10.2 | 10.4 | 9.1 |
| September | 352.2 | 0.5 | 7.1 | 8.8 | 9.0 |
| October | 353.3 | 0.3 | 5.3 | 7.7 | 8.8 |
| Wage index are calculated and published according to law no 89/1989. The wage index is based on average for fixed hours earnings each month, calculated and published in the month following calculation. | |||||