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Real wages up 5.5% yr/yr in January-July 2006

Real wages in Hungary rose 5.5% yr/yr in January-July 2006, based on an 8.2% increase in net monthly wages and an average CPI of 2.6% from the same period of 2005, the Central Statistics Office (KSH) announced on Tuesday. Gross monthly wages rose 8.6% in twelve months to Ft 164,350 (€ 604) in July, and net wages rose 9.1% to Ft 108,772 during the same period. In the first seven months of 2006, gross monthly wages rose 7.4% yr/yr to Ft 167,643 and net monthly wages were up 8.2% at Ft 110,398. Total work income, including extra-wage benefits and in-kind contributions, rose 7.5% to Ft 176,500. Extra-wage benefits and in-kind contributions accounted for 5.0% of total work income on average during the period. Business sector gross wages rose 8.7% yr/yr to Ft 157,973 a month and public sector gross wages were up 8.4% in twelve months at Ft 180,494 in July. (Mti-Eco)