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Monday, March 20, 2023

Income: Real wages fell again last year

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Galloping energy costs and sharply rising prices in supermarkets – consumers currently have to dig deep into their pockets. Higher salaries no longer compensate for the loss.

The real wages of employees in Germany fell in 2022 for the third time in a row. The reason for this is the 6.9 percent increase in consumer prices driven by energy and food. The 3.5 percent increase in nominal wages could not keep up with this, as the Federal Statistical Office reported on Wednesday. As a result, real wages fell by 3.1 percent. People had less purchasing power.

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Inflation had wiped out wage increases the year before. In 2020, it was primarily the short-time work, which skyrocketed during the Corona crisis, that put pressure on nominal wages.

The Federal Office revised preliminary figures from February 7, taking into account in particular the recalculation of the inflation rate for 2022. With a new base year and a changed basket of goods, it is now given as 6.9 percent instead of 7.9 percent.

Source: Stern

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