The Central Statistical Office (KSH) announced on Monday that gross wages in Hungary rose by an annual 15.2% in July, to 559,100 forints (EUR 1,434).
KSH said the average net wage including benefits rose by the same pace to 371,800 forints. Real wages fell by 2%, calculated with a July CPI of 17.6%. The gross median wage increased by 16.3% to 450,000 forints. Hungary’s statutory monthly minimum wage was raised by 16% to 232,000 forints for unskilled laborers and by 14% to 296,400 forints for skilled workers on Jan. 1. Commenting on the data, the Ministry of Economic Development said the latest data showed that wages had grown by 356,000 forints and minimum wages had tripled since Fidesz came to power in 2010. Real wages fell by only 2% in July, thanks to the government’s measures against inflation. The government is now working to cut inflation to single digits by year-end and will take steps against multinational corporations’ “unreasonable price hikes and tricks”, the ministry said in a statement. Real wages are expected to stop falling in August-September and their purchasing power was forecast to start growing soon after, the ministry said.