Wages in the Eurozone’s largest economy are rising at their fastest rate this century, fuelling disquiet among some economists about next month’s expected interest rate cut from the European Central Bank.
Negotiated wages in Germany are expected to shoot up by 5.6 per cent in 2024, based on deals agreed between January and June, according to data published on Tuesday by WSI, a trade union think-tank. The pay increase, in real terms, will be the fastest since their records began in 2000.
Although the hikes are far in excess of rate-setters’ overall 2 per cent inflation goal, policymakers in Frankfurt have baked “elevated” pay growth into their forecasts.
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