Current events in the world, the most dangerous of which are the SMO in Ukraine and the war in the Middle East, are leading the world to a new economic reality and major changes. The conflict in Ukraine is essentially a conflict between Russia and the West, and a new international order is emerging in light of a growing Russian-Chinese axis facing a declining West. The recovery from the COVID-19 pandemic lost momentum in 2022, regardless of employment stabilization. The quality of jobs offered has improved in some dimensions, but real wages are falling significantly in almost all OECD countries despite an increase in nominal wage growth. But that's why in most of those countries, there was an increase in profits, often more than nominal wages. Nominal minimum wages try to keep pace with inflation, with the high risk that any real growth could quickly disappear if inflation remains high. The goal of the research is to present the situation in the global market, with special reference to the trend of wages and inflation in the EU, as well as the presentation of the situation in Serbia, according to the same parameters. The paper will use the deduction method. Materials from scientific journals and primary sources were used in the presented research, using the method of content analysis. An appropriate statistical regression method was applied. The hypothesis put forward in the paper is that the nominal increase in wages is a consequence of the inflation increase. It is expected that the research will confirm the hypothesis.

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