As long as this remuneration-price dynamic persists, our ability to lower interest rates is constrained. To see if higher wages and salaries will become an inflation problem, the South African Reserve Bank pays close attention to unit labour costs (or ULCs), defined as average cost of labour per unit of output. Since 2010, ULC growth has ranged between around 6 and 8 per cent.
25th ASSIOM FOREX Congress  Speech by the Governor of the Bank of Italy Ignazio Visco  Rome, 2 February 2019  Recent economic developments Since mid-2018 the global economy has been slowing. The euro area has recorded a significant weakening of productive activity; in Italy it has declined.