Inflation spurs record decline in workers' wages and benefits

New York (CNN Business)Skyrocketing inflation is robbing Americans of their raises.

Total compensation costs for civilian workers declined 3.7% over the past 12 months ending in March, after accounting for inflation, according to the Employment Cost Index report published Friday.

It's the largest decline since the Bureau of Labor Statistics began inflation-adjusted records in 2001. What's more, it comes at a time when compensation costs -- which includes the wages employers pay plus health, retirement and other benefits -- are rising swiftly, before accounting for inflation, as employers try to fill positions and hold on to their staff.

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