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Gross wages up 7.6% y/y in July

Gross monthly wages rose 7.6% yr/yr in July and were up 10.4% yr/yr in
the first seven months of the year, the Central Statistics Office
(KSH) announced on Friday. Net monthly wages rose 9.1% yr/yr in July and were up 11.2% yr/yr in January-July. Real wages rose 5.2% in July, based on July 12-month consumer price inflation of 3.7%. Business sector gross wages rose 6.5% yr/yr in July and were up 7.2% in January-July from a year earlier. Public sector gross wages were up 9.8% in the twelve months to July and they rose 16.9% yr/yr in the first seven months, as the yearly one-month bonus payments in the sector were paid out in January instead of the previous December. Excluding bonuses and other one-off payments, gross wages January-July gross wages rose 7.3% yr/yr, including a 7.2% rise in the business sector and a 7.7% rise in the public sector.