Rs.100,000 salary in Jan. 2023 worth significantly less by year-end

The salaries that were worth in January 2023 have lost significant value towards the end of the year, as per the real wage calculator by Number.lk.
The tool showed that a salary of Rs.100,000 in January 2023 was worth only Rs.63,711 in December 2023.
The calculator showed that for a Rs.100,000 salary, a 56 percent increase or approximately Rs.56,000 is needed to offset the inflation impact.
“In layman’s terms, an average basket of consumer goods you purchased for Rs.100 in 2021 now costs Rs.195.1,” said Number.lk in an update on X, formerly Twitter.
The inflation-adjusted salary calculator is based on the Colombo Consumer Price Index (CCPI) and does not factor in recent tax increases.

December saw headline inflation, as measured by the year-on-year change in the CCPI, increase to 4 percent. In November, headline inflation was 3.4 percent.
With taxes being slapped across the board, the consumers are left with lesser spending power. For the majority of those in the private sector, adjustments have not been made to the salaries, due to the companies continuing to cite economic hardships; no cost of living component has been incorporated either.
With the prices expected to surge once again, due to the hike in the Value Added Tax, the consumers will see their spending power further compressed.