Latest Wage Growth Slows to 0.8% in Hungary

  • 27 Apr 2023 6:06 AM
  • Hungary Matters
Latest Wage Growth Slows to 0.8% in Hungary
Wage growth in Hungary slowed to an annual 0.8% in February, the Central Statistical Office (KSH) said.

The gross wage averaged 531,200 in February, while the average net wage rose to 353,200 forints.

Commenting on the data, the Ministry of Economic Development said in a statement that wage growth continued in February, with the gross salary of full-time employees increasing by 14.8%, to 531,200 forints, in a single year, while compared with 2010, wages have grown 2.7-fold.

The statement noted the war in Ukraine and the sanctions regime which “led to unprecedented inflation throughout Europe”, depressing real wages by 19.6% in February. It added that the government aims to subdue prices and reduce inflation to single digits by the end of the year.

 The government’s latest measure obliges retailers with large income to announce weekly specials in 20 product ranges, the ministry noted, adding that inflation peaked in January, and its decline ever since appeared to be “trend-like”.

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