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October's consumer inflation reading came in at a surprisingly high +0.4%, which as shown in red in the graph below, was one of the 3 highest in the past two years. Meanwhile, average hourly earnings increased less than +0.2% - the second-lowest reading in the past two years, shown in blue:
As a result, real average hourly earnings decreased -0.2% last month, the worst reading since late 2017:
In a longer term perspective, this means that real wages declined to 97.6% of their all-time high in January 1973: