Irish

Friday 11 July 2014

Wages rise in the eurozone but rate of increase slows

Colm Kelpie

Published 17/09/2013|04:00

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WAGES continue to rise across the eurozone with industry leading the way, but the rate of increase has eased.

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Labour costs rose at their slowest pace in four years.

Hourly pay jumped 1.1pc in the year to June in the eurobloc compared with 1.8pc in the 12 months to the end of March.

The trend was evident across the continent as a whole, with wages rising 1pc in the year to the end of the second quarter compared with 2pc for the first quarter.

In the euro area, hourly labour costs, which also includes non-wage costs, rose by 1.8pc in industry, 0.7pc in construction, 0.8pc in services and 0.3pc in the mainly non-business economy in the year up to the second quarter.

Across the EU, labour costs grew by 1.7pc in industry, 0.4pc in construction, 0.9pc in services and 0.4pc in the mainly non-business sectors.

Estonia, Lithuania and Romania recorded the highest increases in costs, while decreases were recorded in Slovenia, Cyprus, Croatia and Spain.

In Germany, labour costs rose by 1.8pc, while in Ireland they increased by 0.6pc – slower than the bloc's average.

Eurostat also said consumer prices in the eurozone edged up by 0.1pc on the month in August, following a 0.5pc drop in July.

Annual consumer price inflation fell to 1.3pc from 1.6pc in July.

Irish Independent

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