Figure diminishes in most OECD countries, all G7 economies except Germany
Real household income per capita went down by 0.5% in the Organization for Economic Co-operation and Development (OECD) area in the second quarter, as rising inflation continued to undermine growth in household income.
The figure fell in most OECD countries and in all G7 economies except Germany, according to a statement by the Paris-based global body on Monday.
Real household income per capita fell by 1.2% in France, 1.1% in Canada and the UK, and 0.4% in the US.
“Q2 2022 was the fourth consecutive quarter of falling real income for households in the UK and the fifth consecutive quarter for households in the US,”the statement said.
“The declines over this longer period reflect both the reduction in pandemic-related government assistance and rising consumer prices faced by households,” it added.
Compared to the fourth quarter of 2019, growth in real GDP per capita for the OECD (2.3%) is now slightly ahead of growth in real household income per capita (2%).