Labour cost rises by 3.8% in Q4 2022

Cyprus labour cost rose by an annual 3.8% in the fourth quarter rose by 3.8%, compared with the same quarter of the previous year, according to provisional data issued by the Statistical Service of Cyprus (Cystat). The two main components of labour co…

Cyprus labour cost rose by an annual 3.8% in the fourth quarter rose by 3.8%, compared with the same quarter of the previous year, according to provisional data issued by the Statistical Service of Cyprus (Cystat). The two main components of labour cost, wages and salaries per hour worked and non-wage costs per hour worked increased by 3.7% and 4.1% respectively, compared with the same quarter of the previous year, Cystat added. On a seasonally adjusted basis, the hourly labour cost rose by 0.6% compared to the previous quarter. The hourly labour cost that refers to wages and salaries, seasonally adjusted, increased by 0.8%, whereas the non-wage cost decreased by 0.2%. The indicator is used as an indication of the inflationary pressure that may result from developments in the labour market.

Source: Cyprus News Agency

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