Gross wages up 14.1 percent yr/yr in September

The average net wage including benefits rose by 14.1 percent to 384,900 forints, KSH said.

The average gross wage without benefits increased by 14.9 percent, to 537,000 forints.

Real wages increased by 1.7 percent, calculating with a September CPI of 12.2 percent.

Commenting on the data, Marton Nagy, the economic development minister, said the turnaround in real wages took place in September, the purchasing power of wages is on the rise again for the first time since August 2022. He said the government had brought down inflation into single digits by October, helped by targeted measures such as online price monitoring and mandatory supermarket discounts.

Nagy said the government’s goal is for 2023 to be the year of reducing inflation and 2024 that of restoring economic growth. That is why the government supports and helps maintain dynamic wage growth in order for real wages to increase by 4-5 percent next year, he added. He said macroeconomic trends were encouraging since inflation is dynamically decreasing and the economy and real wages are back on a growth path.