The forecast for labour costs in the UK's coke and refined petroleum products sector shows a steady increase from 2024 to 2028, with values rising from £908 million to £957 million. When compared to the estimated figures in 2023, this suggests a substantial increase as businesses contend with inflationary pressures and potential wage growth. The year-on-year increases average around 1.5% over this period, indicating a steady, albeit moderate, upward trend in costs. The compound annual growth rate (CAGR) from 2024 to 2028 remains consistent with these annual gains, underscoring a systematic rise in labour costs.

Future trends to watch for include:

Potential impacts of energy transition and regulatory changes on labour demand and wage structures.
Technological advancements leading to potential efficiency gains which might balance or reduce labour costs.
COVID-19 pandemic residual effects on labour market dynamics and workforce availability.
Geopolitical developments affecting supply chains and commodity markets that could indirectly influence labour costs.