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Gross wages up 14 pc yr/yr in October

Gross wages in Hungary grew by an annual 14.0 percent in October, to 564,400 forints (EUR 1,469), the Central Statistical Office (KSH) said on Thursday.

The average net wage including benefits rose by 14.0 percent to 389,300 forints, KSH said.

The average gross wage without benefits increased by 14.5 percent, to 540,200 forints.

Real wages increased by 3.7 percent, calculating with October CPI of 9.9 percent.

Commenting on the data, Sandor Czomba, the state secretary for employment policy, said real wage growth continued in October after a September turnaround. This was made possible by the fact that the government’s targeted measures such as online price monitoring and mandatory supermarket discounts brought down inflation into single digits by October, he added.

The increase in wages will contribute to the recovery of consumption, which in turn can be reflected in economic performance, the state secretary said.

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