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Cost of labour rises amid inflation hike

Cost of labour rises amid inflation hike

25.03.2022

According to preliminary data from the Statistical Service, in the last quarter of 2021, the average hourly labor cost in Cyprus is estimated to have increased by 1.6% compared to the same quarter of the previous year.

In the third quarter of 2021, hourly labor costs increased by 7.8%.

According to CyStat, the two main components of labor costs, wages per hour worked and unpaid expenses per hour worked increased by 1.7% and 0.9%, respectively, compared to the same quarter of the previous year.

In the third quarter of 2021, annual changes were 4.3% for wages per hour worked and 26% for non-wage costs per hour worked.

The CyStat poll follows an earlier report that said rising prices for gasoline, electricity, fruits and vegetables pushed inflation up to 6.6% in February.

In February 2022, the consumer price index rose 1.27 units to 105.84 from 104.57 units in January.

In January-February, the CPI rose by 6% year on year. Since January, it has grown by 1.2%.

The largest changes compared to February 2021 occurred in petroleum products (28.4%), electricity (22.4%) and agricultural goods (17.5%).

Source and photo: www.financialmirror.com, Editor estateofcyprus.com

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