Informations Rapides · 13 February 2026 · n° 35

In Q4 2025, hourly wages increased by 1.7% over a year, hourly cost by 2.3% Labour cost index (LCI) – Flash estimate - fourth quarter 2025

In the fourth quarter of 2025, hourly wages in the non-agricultural market sector (excluding services to households) continued to slow down: +1.7% over a year, after +1.9% in the previous quarter. This slowdown was part of a trend that has been observed since mid-2023, in connection with the consideration in wage negotiations of a now moderate inflation rate: the consumer price index increased by 0.9% over a year on average in the fourth quarter of 2025, after +1.0% in the previous quarter. In addition, the payments of the Value Sharing Premium (“PPV”) slightly decreased over a year in the fourth quarter of 2025: €1.4 billion had been paid to employees this quarter, compared with €1.5 billion a year earlier.

In average annual changes, over the whole of 2025, inflation reached +0.9%, which is significantly below the pace seen in the previous two years (+2.0% on annual average in 2024, +4.9% in 2023). Echoing this sharp slowdown in prices, hourly wages rose by 2.1% in 2025 in average annual changes, after +3.0% in 2024 and +4.1% in 2023.

By business sectors, hourly wages slowed significantly in industy (+2.1% over a year, after +2.8%), and to a lesser extent, in services (+1.4% over a year, after +1.7%). On the other hand, they accelerated in construction (+2.3% over a year, after +1.9%).

In the fourth quarter of 2025, social security contribution exemptions on low wages decreased, which affected the hourly labour costs (wages and salaries, contributions, taxes net of subsidies) in the non-agricultural market sector (excluding services to households). Therefore, the growth rate in hourly labour cost remained nearly stable despite the slowdown in wages: +2.3% over a year, after +2.4% in the previous quarter.