- 17 Jul 2023 19:33
#15280149
Europeans are facing a new economic reality, one they haven't experienced in decades. They are becoming poorer.
Adjusted for inflation and purchasing power, wages have declined by about 3% since 2019 in Germany, by 3.5% in Italy and Spain and by 6% in Greece.
High energy costs and rampant inflation at a level not seen since the 1970s are dulling manufacturers' price advantage in international markets.
Spending on high-end groceries has collapsed.
The article goes on to cite examples of middle class families complaining about expenses and cutting back.
article: Europeans Are Becoming Poorer. 'Yes, We're All Worse Off.' , Wall Street Journal, Tom Fairless
Adjusted for inflation and purchasing power, wages have declined by about 3% since 2019 in Germany, by 3.5% in Italy and Spain and by 6% in Greece.
High energy costs and rampant inflation at a level not seen since the 1970s are dulling manufacturers' price advantage in international markets.
Spending on high-end groceries has collapsed.
The article goes on to cite examples of middle class families complaining about expenses and cutting back.
article: Europeans Are Becoming Poorer. 'Yes, We're All Worse Off.' , Wall Street Journal, Tom Fairless