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Johannesburg - South African formal non-farm wages
accelerated markedly from 7.1% in the Q3 2007 to 12.7% in Q2 2008 this year, fuelling inflationary pressures in the domestic economy, the local central bank said on Tuesday.
In its latest quarterly bulletin, the South African Reserve Bank said the rate of increase in nominal remuneration per worker was pushed higher by public-sector wage growth of as much as 15.8% in the year to the second quarter of 2008.
Although remaining at a double-digit level, private-sector nominal wage growth decelerated somewhat to 11.3% over the period, the bank said.
"At these rates, nominal unit labour cost increases were well in excess of the inflation target range, fuelling inflationary pressures in the domestic economy," the bank said.
The Reserve Bank is struggling to get CPIX inflation back into the target band of 3%-6%, after peaked at 13.6% y/y in August before easing to 12.4% in October.
The marked acceleration in nominal remuneration per worker in the public sector in the year to the second quarter of 2008 resulted primarily from steep increases in nominal wage growth in the transport, storage and communication sectors at a year-on-year rate of 26.2%, as well as at provincial level at a
rate of 19.2%.
In the private sector, wage increases in the second quarter of 2008 were especially pronounced in the non-gold mining sector, the construction sector as well as the trade, catering and accommodation sector at rates well advanced into double-digit territory.
- I-Net Bridge