Photo: Commuters walk along a street after work in London on September 29, 2022. Commuters walk along a street after work in London on September 29, 2022.

Soaring inflation is set to put a major dent in salary increases for the second year running in 2023, according to a new survey that sees just 37 percent of countries globally expecting to report real-term wage hikes.

The worst-hit region is likely to be Europe, where real salaries—nominal wage growth minus the rate of inflation—will likely be driven down an average 1.5 percent, according to workforce consultancy ECA International.

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