ECB wage tracker at 2.7% in Q1 2027, indicating stable negotiated wage pressures
The ECB published its wage tracker update on 29 July 2026, showing stable negotiated wage growth of 2.7% for Q1 2027 and 2.3% for 2026 (smoothed one-off payments). The forward-looking horizon has been extended to March 2027, with coverage gradually increasing. The data indicates limited wage pressures ahead, supporting a stable inflation outlook.
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