In Q1 2025, the basic monthly wage (SMB) in the non-agricultural market sectors increased by 0.5% over the quarter: at the same pace recorded at the end of 2024. Year on year, the SMB slowed sharply in nominal terms (+2.1% in Q1 2025, after +2.7% in Q4 2024), in the wake of the drop in inflation. The SMB is once again following gross trends whose seasonality corresponds to the trends that prevailed before the health crisis and the inflationary episode, after 2023 and 2024, which were marked by a high concentration of SMB increases at the beginning of the year...