Wage inflation gains traction

More people got pay rises last year as labour shortages hit employers. (Image: Deposit Photos)

Wed, 04 May 2022

The tight job market and higher wages in the first quarter look set to keep the central bank on its interest rate tightening track.Unemployment held steady at a record low 3.2% in the March quarter while annual wage inflation – as measured by the labour cost index – rose 3% on the year, with private sector wages up 3.1% and public sector wages up 2.7%, Stats NZ reported.“Wage inflation is at its highest level since the March 2009 quarter,” said price delivery manager Bryan Downes.Average ordinary time hourly earnings wer...

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