Labour Shortages Drive Wages Higher in Hungary

2021. november 30.

ING Think

Hungarian wages accelerated further in September, with both gross and net nominal wages rising by 9.1% year-on-year. The structure of wage growth has become somewhat more balanced than before. Wage growth rates in the public and private sectors have converged. Salaries rose by 9.4% YoY in the public sector, mainly driven by wage settlements, though the rate has slowed. In contrast, wage growth in the private sector picked up significantly to 8.0% YoY. So the increase in average wage growth in September is clearly due to the changes in the private sector.