Márton Nagy is satisfied with the decrease in inflation

By: Trademagazin Date: 2023. 08. 24. 10:51

According to KSH data, the gross average salary rose to HUF 566,800 in June 2023, so the average wage increased by HUF 78,000, or 16.0 percent, in one year. With this, compared to the government of the dollar left, the minimum wage, the guaranteed minimum wage and the average wage have practically tripled – Minister of Economic Development Márton Nagy commented on the latest data in his statement on Thursday.

He highlighted:

“the growth of salaries remained dynamic throughout the year, while the number of registered job seekers fell to a historic low and the number of employed people rose to close to 4.8 million”. The minister added that the government is effectively fighting against sanctioned inflation, among other things, the mandatory promotions raised to 15 percent and the online price monitor have broken down and reduced inflation by a third, which may melt down to single digits in October. As a result, “the decline in real wages can stop in July, and the purchasing power of salaries can increase again from August, thus wages can maintain their real value in 2023. Thus, in the future, it will be possible to restore the rate of real wage growth that was usual in previous years, above 5 percent on average annually.”

– said the minister.

Márton Nagy highlighted that in order to protect families and jobs, it is necessary and also in the interest of the national economy to preserve and then dynamically increase the purchasing power of wages; this is the only way to expand consumption, which is an essential condition for a quick rebound in economic growth.