German wages rise most in almost four years

October 29, 2012 15:10

BERLIN - German wages had their sharpest rise in almost four years in July in stark contrast to the pay cuts and job losses seen in most of the euro zone.

The Federal Statistics Office said on Monday that German wages rose by 3.2 percent year-on-year in July, the highest increase since a 3.4 percent expansion in October 2008.

Wage increases this year have outpaced inflation, which runs around 2 percent, and are fueling expectations that German consumers may spend more, in turn boosting demand for imports from European partners.

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