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%).
