Eurostat released its labour costs data for the Eurozone on Thursday. Hourly labour costs in the Eurozone rose at an annual rate of 2.2% in the first quarter, after a 1.2% gain in the previous quarter. It was the biggest rise since the second quarter of 2011.

Wages and salaries per hour climbed 2.2% in the first quarter, while non-wage costs gained 2.1%.

Hourly labour costs increased 2.5% in industry, 1.5% in construction, 2.3% in services, while 1.9% in the mainly non-business economy.

Highest increases were recorded in Latvia and Estonia, while costs in Cyprus fell.