A 5.4% increase in the hourly labor cost (total cost) during the fourth quarter of 2023 is indicated by the preliminary data from the Cyprus Statistical Service.
According to preliminary data, the hourly labor cost (total cost) during the fourth quarter of 2023 increased by 5.4%, compared to the corresponding quarter of the previous year.
The two components of labor cost, wages and salaries per hour worked, and non-wage costs per hour worked, increased by 5.6% and 4.6% respectively, compared to the corresponding quarter of the previous year.
The hourly labor cost (total cost), adjusted for seasonal fluctuations, increased by 1.2% compared to the previous quarter. The hourly labor cost referring to wages and salaries, adjusted for seasonal fluctuations, increased by 1.3%, and the hourly non-wage cost, adjusted for seasonal fluctuations, increased by 0.8%.
The Labor Cost Index is one of the main European economic indicators produced by all EU countries.
It is used as an indication of inflationary pressure that may arise from developments in the labor market.
