ECB: July Wage Tracker Headline Figures
Jul-30 08:02
- ECB Wage tracker excluding one-off payments in Q4 2025: 3.111% Y/Y (vs 3.082% in the June iteration).
- ECB Wage tracker excluding one-off payments in Q1 2026: 2.610% Y/Y (no prior)
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GERMAN DATA: First states CPI data looks soft
Jun-30 08:02
- The flash state CPIs so far have come in below what was expected for the national print later today (Bavaria and NRW both -0.1%M/M with Y/Y at 1.8% but BW broadly in line).
- The consensus for the national print is 0.2%M/M and 2.2%Y/Y (note this is for the national CPI not HICP and surprises don't always fully correlate).
- We'll be watching more of the smaller states to se if they also come in on the softer side and will have a full tracking to come.
MNI: BADEN WUERT JUN CPI +0.2% M/M, +2.3% Y/Y
Jun-30 08:00
- MNI: BADEN WUERT JUN CPI +0.2% M/M, +2.3% Y/Y
MNI: GERMANY NRW JUN CPI -0.1% M/M, +1.8% Y/Y
Jun-30 08:00
- MNI: GERMANY NRW JUN CPI -0.1% M/M, +1.8% Y/Y
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