18 December 2024

• Indicators to be published regularly in week following monetary policy meeting, on Wednesday at 10:00.
• December ECB wage tracker suggests negotiated wage pressures will ease overall in 2025 compared with 2024.

The European Central Bank (ECB) has published four new wage tracker indicators for the aggregate of seven participating euro area countries on the ECB Data Portal.

The headline ECB wage tracker measures negotiated wage growth with smoothed one-off payments in the euro area. It currently points to strong negotiated wage growth of 4.7% in 2024 (based on an average coverage of 47.4% of employees in participating countries), easing to 3.2% in 2025 (based on an average coverage of 32%). In monthly terms, this indicator is expected to peak at 5.4% at the end of 2024, the highest value recorded since the series began in January 2013.