Annual wage cost inflation 4.3 percent – Media release
3 May 2023
Annual wage cost inflation measured by the labour cost index (LCI) increased to 4.3 percent in the year to the March 2023 quarter, according to figures released by Stats NZ today.
“Annual wage cost inflation is at its highest level since the series began in 1992, up from 4.1 percent in the year to the December 2022 quarter,” business prices manager Bryan Downes said.
“This aligns with other wage measures, like the unadjusted LCI and average hourly earnings, both of which also had the largest annual increases on record.”
Wage cost inflation is the percentage change in all salary and wage rates (including overtime) in the LCI, which measures changes in the cost of labour incurred by businesses, adjusting for changes in the quality, quantity, and type of work.
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