Gross wages rose faster than expected in May, but the increase is unlikely to cause any inflationary pressure, analysts said on Tuesday, after the Central Statistics Office (KSH) published fresh wage data.
Gross wages in Hungary rose 6.7% in May from the same month a year earlier, accelerating from a 5.9% increase in April, the KSH said in the morning.
Gergely Suppan of Takarékbank said year-on-year increase of gross wages was higher than expected but would not cause inflationary pressure. He noted that the KSH calculated the net wage rise, which was 7.5%, excluding the effect of family tax discounts, thus the climb was even more marked.
Suppan put year-on-year wage growth around 4.5% for the rest of the year.
Erste Bank’s Zoltán Árokszállási attributed the acceleration in wage growth to more work days and public work schemes.
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