Czech 1Q Average Nominal Wages Rose 7.8% On Year
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Czech 1Q Average Nominal Wages Rose 7.8% On Year PRAGUE (Dow Jones)--Czech average before-tax nominal wages rose 7.8% on the year in the first quarter, the steepest growth since early 2004, the Czech Statistics Office, or CSU, said Monday. The wage increase, fueled by a booming economy, is likely to bolster expectations of further interest rate tightening as early as July. Last week, the Czech central bank raised its headline repurchase agreement repurchase agreement rate by 25 basis points to 2.75%, citing rising inflationary pressures. The interest rate is still at the lowest level in the European Union. The first-quarter wage data show the average monthly nominal gross pay amounted to 20,399 koruna ($971) per person. Adjusted for inflation effects, average nominal wages rose 6.2% on the year in January through March. "The first-quarter wage data reflect solid and stable economic growth," Ales Michl, an analyst at Austria's Raiffeisenbank, wrote in a research note. According to Michl, an average Czech currently earns about 28% of the amount an average Austrian earns.
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