NZ Advertised Salary Growth Accelerates to 2.6%, Still Trails Inflation

New Zealand's advertised salary growth accelerated in August, but workers are still losing ground on inflation. According to the Seek NZ Advertised Salary Index, advertised pay rose 2.6% year-over-year in August, marking a fourth consecutive quarter of acceleration.

The rate of growth is modest and remains below the country's 4.1% inflation rate, which means workers' purchasing power is decreasing. The growth was led by Canterbury, which recorded the fastest quarterly and annual growth at 0.7% and 3.3%, respectively.

Government roles saw the fastest advertised salary growth over both the past quarter and year, with a 2.5% and 10% increase, respectively. On the other hand, sport and recreation recorded the steepest annual decline at 3.9%.