Purchasing Power of Salaries Has Deteriorated

Figures

Photo by Pixabay

Inflation increased by 20.1% in September, a 26-year record, but making it the first month when, based on statistical data, wage growth did not reach the consumer price index, meaning the purchasing power of salaries deteriorated, according to business daily Világgazdaság. 

For the time being, inflation does not seem to have peaked, and as long as the price index is around 20%, it is almost certain that this state will remain.

Next year's wage dynamics promise to be much slower than this year, according to the report.

Although the 2023 wage agreement is still to come, it can already be ruled out that the minimum wage and the amount of the guaranteed minimum wage will increase again by 20% from January, the paper said.

ADVERTISEMENT

K&H Bank Fined for Irregularities Banking

K&H Bank Fined for Irregularities

MPs Approve Tax Changes Parliament

MPs Approve Tax Changes

Higher Sugar Prices Raising Holiday Candy Costs Retail

Higher Sugar Prices Raising Holiday Candy Costs

Hungarian Tourism in Croatia Returning to Pre-pandemic Level... Tourism

Hungarian Tourism in Croatia Returning to Pre-pandemic Level...

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.