World News | Spanish workers demand higher wages to ease inflationary pressures

MADRID, Nov. 3 (AP) Thousands of workers took part in a protest march in Madrid on Thursday, as Spain’s major unions called for higher wages to offset the rising cost of living caused by global inflation.

Members of the UGT and CCOO unions marched in the Spanish capital under the slogan “Wage or conflict”. Unions want Spain’s government and business leaders to agree to raise the minimum wage above the current 1,000 euros a month to tackle rampant inflation, which has only recently begun to slow.

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“Unfortunately, today, because of the situation we are facing, the salaries do not cover our basic necessities,” said marcher Carmen Troyano, 55.

Like other countries, Spain’s higher oil prices have been driven by rising fuel costs, exacerbated by reduced supplies due to Russia’s invasion of Ukraine.

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Rising food prices in Europe have sparked protests across the continent. Higher interest rates, which monetary authorities use to reduce inflation, have also pushed up mortgage payments.

Inflation in Spain peaked at 10.8% in July this summer and moderated moderately to 7.3% in October.

The president of Spain’s CEOE Business Owners Association, which negotiates wages with unions and the government, said pay increases are possible as long as they are not directly linked to inflation.

“We didn’t say no to a raise,” CEOE leader Antonio Garamendi told Spanish state radio. “(But) what we can’t agree on is that the pay rise will match inflation.” (The Associated Press)

(This is an unedited and auto-generated story from the Syndicated News feed, the body of the content may not have been modified or edited by LatestLY staff)