According to calculations by the Ifo Institute, the rapid increase in energy prices is costing Germany almost 110 billion euros in lost real income. The Munich economists estimate that correspondingly less will have to be distributed to employees in collective bargaining and salary negotiations. “The current decline in real income is likely to persist in the coming years,” said Ifo economic researcher Timo Wollmershäuser. The institute published the study against the background of the current collective bargaining round in the metal and electrical industry. Real incomes are incomes adjusted for inflation. The lost billions are therefore the sum that flows out of Germany to pay for the energy imports that have become more expensive abroad.