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Purchasing power takes sharp dive in Germany

Purchasing power takes sharp dive in Germany
Wages in Germany unable to keep pace with inflation, according to Federal Statistical Office

BERLIN (AA) - Real wages in Germany fell last year more than at any time since the figure started being recording in 2008, according to data released on Tuesday.

High inflation of 7.9% has completely neutralized the 3.4% increase in nominal wages in Germany, pushing the purchasing power of wage earners into negative territory, the Federal Statistical Office (Destatis) said in a press release.

According to the agency, real wages in Germany fell by an average of 4.1% compared to 2021.

Real wages have already been on the decline for two years due to the coronavirus crisis, said Destatis, adding that in 2020, the use of short-time work led to a negative wage development.

Rising inflation was responsible for the continued drop in real wages in 2021 and 2022, it added.

The agency also stated that due to a change in its calculation scheme, no development could be shown for individual sectors of the economy.

source: News Feed
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