Wednesday, the labor cost index released by the Statistics New Zealand showed that salaries and wages including overtime rose 3.3% year-on-year in the March quarter, slower than a 3.5% increase in the December quarter.

During the first quarter, sales and wages including overtime rose 4.3% annually in the public sector and 3.1% in the private sector.

Sequentially, salaries and wages including overtime increased 0.6% in the first quarter, the lowest quarterly rise in two years. This was reflected by a 0.6% rise each in the public and private sector.

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