Even so, there has been a slowdown compared to the year-on-year growth of 5.5% recorded in the previous three months.

Labour costs are composed of two components: wage charges (which include base salary, regular bonuses and allowances, bonuses and allowances such as vacation and Christmas bonuses, and overtime pay) and other charges. According to INE data, both rose 4.7% between July and September.

Between July and September, the increase was across all activities, rising 6.1% in industry, 5.8% in construction, 5.4% in services, and 3.4% in Public Administration. When compared to the previous quarter, the increase observed was greater in industry (2.7% in the previous quarter), construction (3.6%), and services (3.3%), and smaller in Public Administration (10.0%).

The increase resulted from a 5.1% rise in the average cost per worker and a 0.3% increase in the number of hours actually worked per worker.