- Inflation has taken a toll on the savings accumulated by Germans during the COVID-19 pandemic, a report by the Munich-based Ifo Institute said on Tuesday.
- High inflation, rising interest rates and economic uncertainty contributed to the German economy’s contraction in August by the most since the beginning of the COVID-19 pandemic in March 2020.
- The average wage increase of 2.9% in Germany is still largely linked to union agreements that were concluded in 2021 before the Russian invasion of Ukraine.
Germans use up their savings to face inflation: report 23.08.2022
