Hourly labour costs increase by 5.4%
– The hourly labor cost in Cyprus increased by 5.4% in the fourth quarter of 2023 compared to the same quarter of the previous year.
– The components of labor cost, wages and salaries per hour worked, increased by 5.6%, and non-wage costs per hour worked increased by 4.6% compared to the corresponding quarter of the previous year.
– Seasonally adjusted, the hourly labor cost increased by 1.2%, wages and salaries by 1.3%, and non-wage costs by 0.8% compared to the previous quarter.
– The Labor Cost Index is a major European economic indicator used to assess inflationary pressures from labor market developments.