Germany sees record decline in real earnings due to high inflation

BERLIN, Feb. 7 (Xinhua) -- Real earnings in Germany declined by 4.1 percent in 2022 year-on-year due to rising consumer prices. This was the sharpest drop since the start of the time series in 2008, according to preliminary figures published by the Federal Statistical Office (Destatis) on Tuesday.

The record 7.9 percent annual inflation in Europe's largest economy last year more than offset the 3.4 percent increase in nominal earnings, according to Destatis. Real earnings had already declined in the previous two years due to the COVID-19 pandemic.