Hourly labour cost rises by an annual 5.2% in Q2 2022

The hourly labour cost (total cost) rose by an annual 5.2% in the second quarter of 2022, according to provisional data published by the Statistical Service of Cyprus (CyStat) on Thursday.

 

The two main components of labour costs, wages and salaries per hour worked and non-wage costs per hour worked increased by 3.8% and 12.2% respectively, compared with the same quarter of the previous year, Cystat added.

 

On a seasonally adjusted basis, the hourly labour cost increased by 1.8% compared to the previous quarter. The hourly labour cost that refers to wages and salaries, seasonally adjusted, increased by 1.4%, while the non-wage cost increased by 3.9%.

 

According to CyStat, the annual change in hourly labour cost in the previous quarter amounted to 10.2%

 

The hourly labour cost index is compiled according a European regulation and is 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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