17 June 2026

• ECB wage tracker updated with wage agreements signed up to end-May 2026; forward-looking horizon remains unchanged at end-December 2026
• Forward-looking information remains unrevised and indicates stable negotiated wage growth at around 2.6% by end-2026
• ECB wage tracker with unsmoothed one-off payments at 3.0% in 2025 and 2.6% in 2026

The European Central Bank (ECB) wage tracker, which covers active collective bargaining agreements, indicates negotiated wage growth with smoothed one-off payments of 3.2% in 2025 (based on a coverage of 51.5% of employees in participating countries) and 2.3% in 2026 (based on a coverage of 43.2%).

Compared with the May 2026 data release, the ECB wage tracker with smoothed one-off payments is broadly unrevised for 2026. The ECB wage tracker with unsmoothed one-off payments indicates negotiated wage growth of 3.0% in 2025 and 2.6% in 2026. The wage tracker excluding one-off payments indicates an easing of negotiated wage growth from 3.8% in 2025…