Generous wage deals in some euro zone countries are still within expectations, even if there is some upside risk to wage growth, European Central Bank Chief Economist Philip Lane said on Friday.

"On average, wages are rising in a very moderate way; many people are still locked into old contracts," Lane told a conference in Dubrovnik. "The latest deals are coming in at above 5%, but (this is in the) ballpark of what we expect."

Lane added that nominal wage growth is set to peak this year and it will still take real wages until 2025 to rise back to their 2019 level. (Reporting by Balazs Koranyi; Editing by Sharon Singleton)