Given the quick growth in production and lack of labour force in the manufacturing industry or the growth of sales in commerce, it would be expected that these sectors would be the answer. But it is not so. The fastest growth in salaries has been seen in public administration, education and healthcare, where salaries are not the result of demand or productivity, but decisions made by politicians and election dates. That was probably one of the contributing factors for the decision that salaries in the public sector will continue to grow fast next year too. The government thereby creates pressure on salary growth in the company sphere as well, adding fuel to the fire of salary inflation.

Even now, salaries grow significantly faster than productivity. Unit salary costs have increased by more than 4 percent year-on-year. Measured by this indicator, the competitiveness of Czech companies has been decreasing for three years.

On the one hand, it is positive that growing salaries contribute to the increase in the standard of living. On the other hand, it is clear that the salary growth cannot continue at the current pace if the growth rate of the economy sustainable in the long term is between 2 and 3 percent and the inflation target has been set at 2 percent.