Cyprus hourly labour costs (total cost) decelerated in the fourth quarter of 2021 marking an increase of 1.6% year on year following an annual rise of 7.8% in the previous quarter.
According to provisional data released on Friday by Cystat, the two main components of labour costs, wages and salaries per hour worked and non-wage costs per hour worked increased by 1.7% and 0.9% respectively, compared with the same quarter of the previous year.
In the 3rd quarter of 2021, the annual changes were 4,3% for the wages and salaries per hour worked and 26,0% for the non-wage cost per hour worked.
In seasonally adjusted terms, the hourly labour cost (total cost) decreased by 0.1% compared to the previous quarter.
The hourly labour cost that refers to wages and salaries, seasonally adjusted, increased by 1.0%, while the non-wage cost decreased by 4.7%, Cystat added.
According to Cystat, the index is used as an indication of the inflationary pressure that may result from developments in the labour market.