Real wage development in Hungary 2019-2023

Real wage development refers to the inflation-adjusted growth in wages, indicating the amount of goods and services individuals can purchase compared to the previous year. Over the observed period, the highest growth rate of real wages in Hungary was recorded in 2021, marking a 3.4 percent increase compared to the preceding year. However, according to the forecast of the European Commission, real wages are expected to register a negative growth rate in 2023, reaching a decrease of 1.5 percent.

Changes in consumer prices

  Hungary has recorded peaking inflation years over the past years, surpassing all EU countries. The change in consumer prices affected different commodity groups to a varying extent. As of August 2023, electricity, gas, and other fuels, as well as other goods such as motor fuels and lubricants recorded the highest inflation rates, reaching a year-over-year price increase of 35 and 20 percent, respectively. Over the same time period, food prices increased by 19.5 percent in the country.

How large is the gender pay gap in Hungary?

  The gender wage gap is the difference between the average gross hourly earnings of men and women across all sectors. Despite the significant steps taken toward achieving gender equality, there is still a major difference between the hourly earnings of Hungarian men and women. In 2021, men earned over 17 percent more than women working in Hungary, which represented a larger gender pay gap than the average of the European Union.