NZD wage inflation

Hello Traders,

Please help me understand the following statement:

"When businesses pay more for labor, they are likely to pass the higher costs to the consumer, so traders view wage inflation as a leading indicator of consumer inflation."

Thanks

"When businesses pay more for labor, they are likely to pass the higher costs to the consumer" Well the beginning half means that if an employer pays a higher salary for their workers 10 NZ$ vs 7NZ$ for example (wage inflation), they will raise the prices of their services (consumer inflation) so they dont lose money.

That is my guess. Correct me experts if I am wrong : )

The news is already released showing increased wages:


But the market is still closed for another hour....

The market did not react to this news. what do you think happened?