Cyprus inflation pushed average earnings up 3.4% y/y in Q2

Average earnings rose by 3.4% compared with the same period of the previous year in the second quarter, according to the preliminary estimations of the Statistical Service, thanks largely to inflation-adjusted pay.
Average monthly earnings were recorded at EUR 1,917 (males EUR 2,118 and females EUR 1,683), compared with EUR 1,854 in the same quarter of 2010.
On a seasonally adjusted basis (which takes into account 13th salaries, for example), the average monthly earning were EUR 1,994 in the second quarter, compared with EUR 1,966 in the fourth quarter of 2010.
The Statistical Service said that the increase compared with the year earlier mainly reflected the payment of the Cost of Living Allowance (C.O.L.A.) on the gross earnings of employees, which rose by 0.92% from July 2010 and 1.25% as from January 2011.
According to Sapienta Economics estimates published in the September 7 issue of the Financial Mirror, average public-sector earnings are now EUR 3,264m, while the average private-sector earnings are just EUR 1,646.