Hungarian net median salary was 366,000 HUF in October 2024

The KSH also reported that:

- The gross average wage was 637,200 HUF, a rise of 12.9% from the previous year.

- The net average wage, excluding benefits, was 423,800 HUF, while including benefits topped 438,900 HUF. Both values are up 12.9% and 12.7%, respectively, from October 2023.

- Real wages, adjusted for inflation, were 9.4% higher than a year ago, consistent with August's figures.

In terms of sectors, the information and communication industry had the highest gross average wage, exceeding 1 million HUF. Conversely, the accommodation and hospitality sector reported the lowest, with a gross average wage of 418,000 HUF in October.

Insights on Median vs. Average Wages

The use of median salaries offers a clearer picture of wage distribution compared to average salaries. The median wage is calculated by organizing all wages and selecting the middle one, minimizing distortions that can arise from calculating averages.

Despite the upward trend in wages, consumer spending has not significantly increased. This discrepancy invites further examination of economic factors affecting consumer habits.

Inflation Trends

Recent data from KSH indicates that inflation accelerated in November, driven by rising food and fuel prices, which increased by 3.7% compared to November of the previous year and 0.5% compared to October.

Looking toward future elections in 2026, the government has plans to implement several methods aimed at increasing wages, including a significant increase in family tax benefits and a three-year agreement to raise the minimum wage.

Economy Minister Márton Nagy has set ambitious targets for the average wage, aiming for a gross average salary of 970,000 HUF and a minimum wage of 1,000 EUR by 2028. However, these plans have been questioned in terms of alignment with the government's expectations for wage growth.

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