Hourly labor costs recorded an increase of 4.8% compared to the same quarter of the previous year in the 2nd quarter of 2024, according to preliminary data released by the Statistical Service on Monday.

The two components of labor costs, wages and salaries per hour worked and non-wage costs per hour worked, increased by 4.4% and 6.4% respectively, compared to the same quarter of the previous year.

Compared to the previous quarter, hourly labor costs (total costs), adjusted for seasonal fluctuations, increased by 1.3%. Hourly labor costs referring to wages and salaries, adjusted for seasonal fluctuations, rose by 1.3%, while hourly non-wage costs, also adjusted for seasonal fluctuations, increased by 1.5%.