ECB Chief Economist Philip Lane noted at a conference today that while the second half of this year will still witness “plenty of wage increases,” the momentum is expected to taper off significantly.
Lane emphasized that “the catch-up is peaking now,” suggesting that the pace of wage hikes will slow substantially over the next two years.
Lane highlighted the “lot of progress” made in reducing underlying price pressures, pointing out the rising optimism surrounding the anticipated deceleration in wage growth. “This is where the confidence in returning to target comes from,” he added.
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