The Labour Cost Index (LCI) working days adjusted increased by 1.2% in the 4th quarter of 2016, compared with the same period in 2015. In the previous quarter, it was recorded a year-on-year increase of 2.8%.
The two main labour cost components are wage costs and other costs (per hour actually worked). Both wage costs and other costs increased by 1.2% from the same period a year earlier.
In terms of the annual average, the Labour Cost Index increased by 1.6% in 2016, due to the rise of 1.8% in wage costs and of 0.9% in other labour costs. In the previous year, the LCI had recorded also an increase of 1.6% (corresponding to rates of change of 1.3% and of 2.6% in the wage costs and other costs, respectively).