Hungarian wages grew by double digits in January amid a weak forint and high inflation

Wages grew by an annual 13.7 percent in January, up from 9.7 percent in December, the fastest growth in 18 months, the Central Statistical Office (KSH) said on Monday.

The growth was driven by bigger public sector paycheques and a minimum wage rise, KSH said.

The average gross wage for full-time employees at businesses with at least five people on payroll was 467,300 forints (EUR 1,250). The average net wage was 310,700 forints (EUR 831).

Real wage growth was 5.4 percent, calculating with January CPI of 7.9 percent.

Excluding the 78,800 Hungarians working full time in fostered work programmes – who earned on average gross 98,500 forints in January –

the average gross monthly wage in Hungary was 477,700 forints (EUR 1277).

Business sector

The average gross wage in the business sector, which includes state-owned companies, rose by 12.5 percent to 477,200 forints, excluding fostered workers. The average gross wage in the public sector, excluding fostered workers, rose by 12.3 percent to 474,900 forints.

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Non-profit sector

In the non-profit sector, the average gross wage, without fostered workers, jumped by 30.3 percent to 493,600 forints, as a number of people working in education who were earlier counted in the public sector were reclassified.