Insider Business Euro zone labour costs rise at fastest pace in six years

Euro zone labour costs rise at fastest pace in six years

Euro zone labour costs rose at their steepest rate in almost six years in the second quarter of 2018, data released on Friday showed, supporting the European Central Bank as it curbs economic stimulus.

Labour costs in the 19 countries sharing the euro zone rose by 2.2 percent year-on-year, EU statistics agency Eurostat said, up from 2.1 percent in the first quarter.

The increase was the highest rate since the third quarter of 2012.

The ECB is on track to end bond purchases this year and raise interest rates next autumn with inflation rebounding and growth leveling off at a relatively healthy pace.

Euro zone wage costs rose by 1.9 percent, the steepest increase in a year, while non-wage labour costs were up 2.9 percent.

Among the larger countries, labour costs rose by 3.6 percent in Italy, 2.4 percent in France, 2.0 percent in Germany and just 0.7 percent in Spain.

For Eurostat release, click here.

Top Stories

Holy Synod decides to recognize autocephalous of Church of Ukraine

The difference among bishops regarding the recognition of the Independence of the Orthodox Church of Ukraine became evident when the issue was put to...

Tatar: 300 G/Cs apply to the “immobile property commission”

The opening of Varosha will continue until every square meter is open, new Turkish Cypriot leader Ersin Tatar said during an interview with Turkiye...

Government to receive almost 2 million euros from COVID fines

The government received almost two million euros in recent months due to violations of the measures for COVID-19. Of course, this money has not...

Cyprus records 1,400 cases of violence against women this year, so far

On the International Day for the Elimination of Violence against Women on Wednesday, police said a total of 1,400 such cases were reported in...

Car crashes into gate of Merkel’s office

A car with slogans scrawled on its sides crashed into the gate of the office of German Chancellor Angela Merkel in Berlin on Wednesday,...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...