When you try to disentangle the factors behind this development, about half of the increase is attributable to increases in wages and salaries and the other half is due to a reduction of labour productivity. The overall result is that we have observed in the last two years a significant rise of unit labour costs. 8.
The main cause of recent price increases is rises in energy prices, such as gasoline and kerosene prices and electricity charges, and in food prices. In this regard, for June, the year-on-year rate of change in the CPI excluding fresh food and energy was 1.0 percent and that excluding energy and food was 0.2 percent.