Illustration - Photo:

Real wages drop 6.9 percent in March

The average gross wage in Hungary rose by an annual 16.6 percent to 577,900 forints (EUR 1,539) in March, data released by the Central Statistical Office (KSH) on Wednesday show.

Average net wages rose to 398,000 forints with benefits in kind, up 16.5 percent compared with the same period last year.

For the period January-March, gross wages and net wages without benefits increased by 10.8 percent, while net wages with benefits were up 10.9 percent compared with the first quarter of 2022.

Calculating with consumer price inflation of 25.2 percent, real wages were down 6.9 percent, KSH said. The net median wage including benefits was 305,900 forints, up 15.7 percent compared with the same period last year.

Commenting on the data, the Ministry of Economic Development said in a statement that wage growth continued despite the harmful effects of the war and the related sanctions.

Compared with 2010, wages have increased more than 2.8-fold, or by 375,400 forints, the ministry said.

Though real wages fell in March, the government continues to do everything possible to protect jobs, push “sanctions-fuelled inflation” into the single digits and put real wage growth back on track, the ministry said. It noted that starting next month, supermarkets will be required to offer regular discounts on selected products in a number of categories, and an online price-monitoring platform will be launched in July.

Leave a Reply