Eurozone First-Quarter Wages Grow | Glenrock Gazette

Eurozone First-Quarter Wages Grow

Eurozone hourly wages increased at the fastest pace since 2010 in the first quarter, the European Union’s statistics office said on Monday.

Nominal wages and salaries per hour climbed by 2.5% year-on-year in the three months that ended March 31, according to a report from Eurostat. In the previous quarter, the rate of growth was 2.3%.

Wages and salaries increased faster than labor costs, which edged up by 2.4% in the quarter.

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During the three-month period, the Eurozone inflation rate was up by 1.5% in February while posting a 1.4% increase in both January and March, still far from the European Central Bank’s target of a rate that is close to but below 2%, according to a report from Reuters.

Growth in wages and salaries was the fourth-lowest in the UK, after Greece, Austria, Portugal and the Netherlands. The UK is not part of Eurozone, which comprises 19 countries in Europe, but belongs to the European Union, which currently comprises 28 nations in the region.