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Labour cost up 5.6% in third quarter of this year

Hourly labour cost marked a 5.6% annual increase in the third quarter of the year, showing a slight deceleration compared to the previous quarter.

Provisional data from CySTAT indicates that the two main components of labour cost, namely wages and salaries per hour worked and non-wage costs per hour worked, increased by 5.8% and 4.8%, respectively, compared to the corresponding quarter of the previous year.

Adjusted for seasonal variations, the hourly labour cost registered a 0.6% increase compared to the previous quarter. The hourly labour cost, pertaining to wages and salaries, adjusted for seasonal fluctuations, rose by 0.7%, while the non-wage cost, adjusted for seasonal variations, increased by 0.4%.

In the second quarter of 2023, the labour cost recorded a 6.4% increase, while the first quarter saw a growth of 4.4%.

According to CySTAT, the Index serves as an indicator of inflationary pressure that may arise from developments in the labour market.

(Source: CNA)

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