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#ECB: Praet says German wage rise fully in line with forecasts

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A benchmark salary increase secured by Germany’s largest trade union this week is “fully in line” with the European Central Bank’s inflation forecasts, the ECB’s chief economist Peter Praet said on Thursday (8 February), writes Francesco Canepa.

His comments dampened speculation that the 4.3% pay rise negotiated by labour union IG Metall and the Suedwestmetall employers’ federation - which is seen as heralding greater wage growth in the rest of Germany - would prompt the ECB to raise its inflation forecasts and to tighten policy faster.

“(The pay rise is) fully in line with our baseline scenario for inflation,” Praet said during a question and answer session on Twitter.

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