Labour cost rises by an annual 6.1% in the second quarter of 2023

The Houry labour cost in Cyprus rose by 6.1% in the second quarter of 2023 compared with the respective period of last year, marking an annual increase for the ninth consecutive quarter, provisional data released by the Cyprus Statistical Service (Cystat) show.

According to Cystat, the total labour cost index in the second quarter of this year reached 110.43 units compared with 104.4 units in the second quarter of last year.

The indicator is used as an indication of the inflationary pressure that may result from developments in the labour market.

The two main components of labour costs, wages and salaries per hour worked and non-wage costs per hour worked increased by 6,4% and 5,1% respectively, compared with the same quarter of the previous year, Cystat said.

The hourly labour cost (total cost), seasonally adjusted, increased by 1,6% compared to the previous quarter. The hourly labour cost that refers to wages and salaries, seasonally adjusted, increased by 1.7% and the non-wage cost, seasonally adjusted, increased by 1.6%.

Source: Cyprus News Agency