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The average gross wage for full-time workers in Hungary grew by an annual 11.2% to 364,400 forints (EUR 1,120) in May, the Central Statistical Office (KSH) said. Net wages grew at the same pace, to 242,300 forints. Real wages rose by 7%, calculating with an annual inflation rate of 3.9% in May. In January-May, real wages were up 6.9% as net wages rose by 10.6% and consumer prices increased by 3.5%.
Excluding the 101,500 Hungarians in fostered work programmes, the average gross wage grew by 10.2% to 374,700 forints a month, while net wages grew at the same rate to 249,180 forints.
Zoltán Marczinkó, the deputy state secretary of the finance ministry for labour affairs, said that high demand for labour was due to businesses investing, growing and developing, and wage growth followed suit. He said wage growth in Hungary was unbroken for the past 77 months, rising by more than 80% since 2010. ING Bank analyst Péter Virovácz attributed the acceleration in wage growth to a rise in pay in the public sector. Full-year wage growth of above 10% is possible, he said. Takarékbank chief analyst András Horváth said the shortage of skilled labour and minimum wage rises continued to affect wage growth overall.