Meaning of “average earnings index” in the English Dictionary

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"average earnings index" in Business English

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average earnings indexnoun [ C ]

uk us plural average earnings indices, average earnings indexes abbreviation AEI ECONOMICS

in the UK, a series of numbers that compares the average amount of money earned by a worker during the year with the amount earned in the previous year:

The average earnings index is expected to show that wages rose at a 4.4% annual pace in August.

(Definition of “average earnings index” from the Cambridge Business English Dictionary © Cambridge University Press)