ECB finds little wage pressure despite inflation

The European Central Bank reported that wage pressures remain low despite rising energy-related inflation this year, which reduces concerns about anchoring accelerated price growth. Although inflation exceeded 3% last month and is expected to reach 4% by the end of the year, firms believe that competition from China and artificial intelligence is impacting workers' ability to request wage increases. Market expectations suggest that the bank may raise interest rates by an additional three or four steps, with a potential peak slightly above 3% sometime next year before declining by the end of 2027. Additionally, the decline in natural gas inventories is a concern, with storage levels at 70%, the lowest in about 16 percentage points below the historical average, pointing to potential negative trends for energy prices until mid-next year.

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