Hourly labour costs increase 4.8% in Q2 of 2024

The Statistical Service has released preliminary data showing that hourly labour prices increased by 4.8% in the second quarter of 2024 compared to the same time in 2023.

This increase is a result of growth in two important areas of labour costs: non-wage costs per hour worked, which increased by 6.4% annually, and wages and salaries per hour worked, which increased by 4.4%.

Seasonally adjusted total hourly labour costs increased by 1.3% on a quarterly basis in comparison to the first quarter of 2024. In particular, after accounting for seasonal adjustment, wages and salaries per hour worked increased by 1.3%, while non-wage costs increased by 1.5%.