According to a statement from the European Central Bank (ECB), the gross disposable income of families in the single European currency area increased by about 7% in the third quarter of last year compared to the same quarter in 2021.

The announcement read, « Gross disposable household income increased at an annualized rate of 6.9% in the third quarter of 2022, following 5.9% in the prior quarter.

After growing by 7.7% in the previous quarter, wages and salaries increased by 5.9% this quarter.

Consumer expenditure also climbed at the same period, albeit at a lower rate of 9.6% than it did the prior quarter (12.8%).

In the third quarter of 2022, annual inflation in the Eurozone surpassed previous highs. In the region, annual inflation surged to 8.9% in July, 9.1% in August, and 9.9% in September, according to Eurostat.

source: ecb.europa.eu