In the fourth quarter of 2023, the hourly labor cost (total cost) increased by 5.4% compared to the same period in 2022, according to preliminary data from the Statistical Service.

The two components of labor costs, as per the Statistical Service, are wages and daily rates per hour of work, and the non-wage cost per hour of work. These components registered increases of 5.6% and 4.6% respectively, compared to the corresponding quarter of 2022.

It is noted that the hourly labor cost (total cost) had also increased by 5.4% in the third quarter of 2023 compared to the third quarter of 2022, while in the fourth quarter of 2022, the increase in hourly labor cost (total cost) was 3.2% compared to the corresponding quarter of 2021.

Furthermore, the hourly labor cost (total cost), adjusted for seasonal fluctuations, recorded an increase of 1.2% compared to the previous quarter.

The hourly labor cost pertaining to wages and daily rates, adjusted for seasonal fluctuations, saw an increase of 1.3%, and the hourly non-wage labor cost, also adjusted for seasonal fluctuations, increased by 0.8%.