Hungary gross wage growth accelerates to 7.1pc in July

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Gross wage growth in Hungary accelerated to 7.1pc year-on-year in July after a slowdown to 4.1pc in June, data published by the Central Statistics Office (KSH) on Tuesday show.

The growth of business sector wages picked up, to 9.2pc yr/yr from 7.2pc in June. Public sector wages were up 0.9pc after yr/yr drops in the preceding four months, but rose 8.1pc in the twelve months to July if sharply lower wages of those on public work schemes were excluded. Regular gross wages, excluding one-off premiums and bonuses, rose 6.5pc in the twelve months to July after a 4.5pc increase in June. January-July gross wages were up 4.8pc, of which regular wages rose 5.6pc. July net wages were up 4.4pc year-on-year after climbing 1.6pc in June. January-July net wages rose 2.0pc yr/yr. Net wages rose below inflation with consumer prices rising 5.8pc yr/yr in July and 5.6pc in January-July. Hungarians earned on average gross monthly HUF 225,194 in July, of which HUF 211,839 was in regular wages. The net wage, excluding family allowances, averaged HUF 145,187 in July.

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