The ECB's wage tracker, which monitors pay agreements negotiated through the first week of July, indicates negotiated wages are set to rise 2.3% in 2026 and 2.7% in the first quarter of 2027, down from 3% growth in 2025. The ECB described the outlook as "stable," suggesting wage pressures are easing despite the recent pickup in inflation driven by the Middle East conflict. ECB policymakers view wage settlements as a key gauge of whether higher energy prices could trigger more persistent inflation above the central bank's 2% target. So far, however, there is little evidence of a wage-price spiral, with wage growth showing no signs of reaccelerating. Even so, investors continue to expect the ECB to deliver a second interest rate hike since the conflict began when policymakers meet in September, reflecting concerns that elevated energy costs could keep inflationary pressures alive. source: European Central Bank
Wage Tracker In the Euro Area increased to 2.70 percent in the first quarter of 2027 from 2.60 percent in the fourth quarter of 2026. Wage Tracker in Euro area averaged 2.31 percent from 2013 until 2027, reaching an all time high of 5.20 percent in the fourth quarter of 2024 and a record low of 1.10 percent in the first quarter of 2021. ECB Wage Tracker - data, historical chart, forecasts and calendar of releases - was last updated on August of 2026.