Euro zone wages grew fastest in construction, up 6.5% in the
fourth quarter against the same period of 2021, followed by
services, where pay rose 5.7% with industry up only 4.4%.
(Reporting by Jan Strupczewski)
BRUSSELS, March 17 (Reuters) - Euro zone labour costs
jumped in the last three months of 2022, and third quarter data
was revised up as well, but the rise of the wage component was
still roughly half of the increase in consumer inflation, data
showed on Friday.
The European Union's statistics office Eurostat said labour
costs in the 19 countries that shared the euro in the last
quarter of 2022 rose 5.7% year-on-year, with wages up 5.1% and
non-wage labour costs up 7.7%.
Labour costs of the third quarter of 2022 were revised
upwards to 3.7% year-on-year from 2.9% reported earlier and wage
growth to 3.0% from 2.1%
Consumer inflation was 9.2% year-on-year in December, down
from 10.1% in November and 10.6% in October, giving an average
of 10% for the quarter.
The ECB watches labour costs to determine how much of the
energy price shock caused by the Russian invasion of Ukraine
filtered through to other areas of the economy and whether
rampant inflation becomes entrenched.
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