The trade union of the iron and steel industry (IG Metall), for example, is pushing for a wage increase of 8.2% in this round. This means that wage dynamics may accelerate notably. And as for the third question regarding medium-term inflation expectations, we are seeing dynamics that are concerning.
Recent results from the “Bundesbank Online Panel Households” survey indicate that individuals in Germany have adjusted their five-year ahead inflation expectations strongly upwards, from 3.4% in February 2021 to 4.5% in February 2022, and to 4.8% in March.