Spain Q2 labor costs surge 4% YoY, highest since 2000

Spain's INE reported average labor costs per worker rose 4% YoY in Q2 2026 to €3,388.15, the highest for a second quarter since the series began in 2000. This signals persistent wage inflation in the eurozone's fourth-largest economy, potentially complicating ECB policy as it balances growth and price stability. The data suggests underlying inflationary pressures remain elevated, though the report does not specify sectoral breakdowns or revisions.