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Sep 20, 2016

Hungarian wages up for a third month in a row

Despite the rise, wage growth slowed after peaking this year at 6.5 percent in March and April

Hungarian wages have risen for the third month in a row, it has been reported today.

The average monthly wage in Hungary rose by an annual 5.1 percent to 256,900 HUF in July, the Central Statistical Office (KSH) said.

Despite the rise, wage growth slowed after peaking this year at 6.5 percent in March and April.

Net wages rose at a faster clip during the period, climbing 6.7 percent to 170,800 HUF on the back of a one percentage point reduction in the personal income tax rate.

In January-July, gross wages grew by an annnual 5.9 percent. KSH attributed the increase to a 5.7 percent rise in the minimum wages for skilled and unskilled workers, higher stipends for the armed forces and a salary top-up for Hungarians employed in social services.