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LONDON—For the first time, populist or far-right parties are leading the polls in the U.K., France and Germany, the latest sign of growing voter discontent in much of the continent following years of high immigration and inflation.

Far-right and anti-immigration parties have already entered government in countries such as Italy, Finland and the Netherlands. But this year marks the first time that they have been ahead in Europe’s biggest economies at the same time. That could provoke a period of political turbulence in all three countries, even if national elections are likely still a few years away.

“It’s significant. Leaders in all three countries are grappling with an ascendant far right that looks on the cusp of power unless politicians can address what’s fueling the rise, which is immigration and cost of living,” said Mujtaba Rahman, head of Europe for risk consulting firm Eurasia.

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