ECB Wage Tracker Shows Easing Wage Pressures

ECB

ECB wage tracker updated with agreements signed up to end of June 2025

ECB wage tracker expanded to include information on wage agreements in Belgium; forward-looking horizon extended to end of March 2026

Forward-looking information continues to indicate the easing of negotiated wage growth, consistent with data published following June 2025 Governing Council meeting

The European Central Bank (ECB) wage tracker, which only covers active collective bargaining agreements, indicates negotiated wage growth with smoothed one-off payments of 4.6% in 2024 (based on an average coverage of 49.6% of employees in participating countries) and 3.2% in 2025 (based on an average coverage of 47.0%). The ECB wage tracker with unsmoothed one-off payments indicates an average negotiated wage growth level of 4.8% in 2024 and 2.9% in 2025. The downward dynamics of the forward-looking wage tracker partly reflect the mechanical impact of large one-off payments (that were paid in 2024 but drop out in 2025) and the frontloaded nature of wage increases in some sectors in 2024. The wage tracker excluding one-off payments indicates growth of 4.1% in 2024 and 3.8% in 2025.

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