3 ms·

> Annual wages are about 15% higher today compared to 1971 in real terms. Since 1971, the cumulative inflation rate was around 700%, with an average annual inf

> Annual wages are about 15% higher today compared to 1971 in real terms. Since 1971, the cumulative inflation rate was around 700%, with an average annual inflation being well over 3%. So while wages increased 15%, the price of everything else around us increased over 700%.

erko_ 3y ago
The 15% increase in wages is in real terms, meaning it's already been adjusted with inflation. Think of it this way: in nominal terms, wage increase would be 715%.
- Rexxar 3y ago
  +15% is x1.15, +700% is x8. 1.15x8 is 9.2 so the number you want is +820%.