Wage increases in Hungary were third highest in Q3 across EU

In the third quarter of 2024, the pace of wage increases in Hungary was the third highest in the European Union, compared to the same period last year.

Eurostat data shows that in Q3 2024, the hourly labor costs rose by 5.1pc in the EU, compared with the same quarter of the previous year. The costs of hourly wages and salaries increased by 5.0pc and the non-wage component increased by 5.3pc.

In Q3, the highest increases in hourly wage costs for the whole economy were recorded in Romania (+17.1pc), Croatia (+15.1pc), and Hungary (+14.1pc).

The non-wage component in Hungary was up 12.8pc in the third quarter, the sixth highest number in the EU. Hourly labour costs were up 13.9pc, again the third highest rate.