The European Central Bank's (ECB) wage tracker data shows that wage pressures covered by active collective bargaining agreements, smoothed for one-off payments, were 2.2% in 2026. The overall wage tracker indicator for Q1 and Q2 2027 stood at 2.7% and 2.8% respectively. The ECB noted that the forward-looking data from the wage tracker should not be interpreted as a forecast, as it only captures currently available collective bargaining agreement information.