Real wages grow by double digits in February

Net wages were up by 14.5 percent year on year, while real wages rose by an annual 10.4 percent.

Real wages rose by 10.4 percent, calculating with January CPI of 3.8 percent.

The gross median wage increased by 16.9 percent to 493,700 forints.

Hungary’s statutory monthly minimum wage was raised by 15 percent for unskilled labourers and by 10 percent for skilled workers from December 1.

Excluding the 65,600 Hungarians working full time in fostered work programmes, the average gross monthly wage was 615,100 forints.

Commenting on the data, national economy ministry said the real wage increase was thanks to government measures pushing inflation back to 5.5 percent by the end of 2023 and 3.8 percent in January.

Since a turnaround last September, real wages have been growing constantly and increasingly swiftly, the ministry said. Meanwhile, the number of jobholders has grown by 1 million compared with 2010, and the number of registered jobseekers is at a historic low, the statement added.