That compares with the 4.1% year-on-year reading in Q4 2024. As for labour costs, that is seen at 3.4% year-on-year as well in Q1 2025. Comparatively, labour costs were 3.8% year-on-year in the final quarter of last year. Overall, the trend since last year continues to show further easing in wage pressures and that's been helpful in supporting the ECB's easing cycle.
