The incomes of many working people have risen recently, but they can no longer keep up with the rapid rise in prices. The bottom line is a strong minus.
Persistently high inflation is increasingly devaluing people’s salaries in Germany. In the third quarter, incomes were nominally 2.3 percent higher than in the same period last year, but were more than eaten up by the 8.4 percent increase in consumer prices.
According to further calculations by the Federal Statistical Office, this results in a real wage loss, i.e. adjusted for price developments, of 5.7 percent. This is the highest loss since the statistics were introduced in 2008, the agency reported on Tuesday.
In the previous three quarters, people had already had to accept losses in real wages. The values increased from -1.4 percent in the final quarter of 2021 to -1.8 percent at the beginning of the year to -4.4 percent in the second quarter of 2022. Statistically, such a long period of real wage losses has not yet occurred. The gross salaries including special payments are included in the nominal wages.
During the course of the day, the Federal Statistical Office wanted to communicate initial estimates for the development of consumer prices in November.
Source: Stern
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
