Hourly labour costs (total costs) in Cyprus saw a 4.9 per cent increase during the first quarter of 2024, when compared to the same period during the previous year, according to a report released on Monday by the Cyprus Statistical Service (Cystat).

The report noted that the two components of labour costs, namely wages and salaries per hour worked, and non-wage costs per hour worked, recorded increases of 4.5 per cent and 6.5 per cent respectively, compared to the corresponding quarter of the previous year.

What is more, hourly labour costs (total costs), adjusted for seasonal fluctuations, saw a 1.4 per cent increase compared to the previous quarter.

In addition, hourly labour costs relating to wages and salaries, adjusted for seasonal fluctuations, increased by 1.1 per cent.

Finally, hourly non-wage costs, adjusted for seasonal fluctuations, rose by 2.6 per cent.