Márton Nagy is satisfied with the decrease in inflation
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.
Related news
Márton Nagy: the government would introduce margin restrictions for stores selling household goods
The government may discuss on Wednesday and is expected to…
Read more >Frost hits Hungarian orchards – season starts with price hike and supply shortage
As May marks the last month of spring and the…
Read more >Food inflation in Turkey slowed slightly in April
In Turkey, annual inflation slowed to 37.86 percent, the lowest…
Read more >Related news
Márton Nagy: the government would introduce margin restrictions for stores selling household goods
The government may discuss on Wednesday and is expected to…
Read more >The Hungarian Food Bank Association is organizing a record-sized food collection on Friday and Saturday
At the Friday and Saturday fundraiser organized by the Hungarian…
Read more >Pick Szeged Zrt.’s profit decreased, but its sales revenue increased last year
Pick Szeged Zrt.’s after-tax profit in 2024 was 6.7 billion…
Read more >