The Central Statistical Office (KSH) said gross wages in Hungary grew by an annual 16% in June, to 566,800 forints (EUR 1,480).
KSH said the average net wage including benefits rose by 15.9% to 390,900 forints. The average gross wage without benefits increased by 14.9%, to 525,300 forints. The average net wage without benefits was 376,900 forints, up 16.0%. Real wages fell 3.4%, calculated with a June CPI of 20.1%. The gross median wage increased by 15.6% to 450,000 forints. Commenting on the data, Minister of Economic Development Márton Nagy said wage growth had remained “dynamic”, while the number of registered jobseekers was at a historic low and the number of employed was close to 4.8 million. The government is effective in combatting “sanctions-fuelled inflation”, Nagy said, arguing that the mandatory 15% supermarket discounts and the online price-monitoring platform had reduced inflation by one-third, and could push it into the single digits by October. As a result, the decline in real wages could stop in July, and the purchasing power of wages can start rising again from August, the minister said. This will allow a return to the annual average real wage growth of over 5% seen in previous years, he added.