Gross average wages in Hungary rose by an annual 6.2 percent in July, accelerating from 4.7 percent in June, the Central Statistical Office (KSH) said on Friday.
Gross wages rose in the private sector by an annual 3.4 percent and in the public sector by 12.9 percent in July.
In that month net average wages increased by an annual 6.8 percent, compared to a 5.9 percent increase in June.
Real wages rose by 3.6 percent, calculating with July consumer price inflation of 3.1 percent.
Gross regular wages, which exclude bonuses and one-off payments, rose by 5.4 percent in July, at a slightly slower rate than the 5.5 percent increase in June.
The gross average wage in the private sector rose by 4.1 percent to 200,121 forints (EUR 700) per month. In the public sector gross average wages were up 8.1 percent at 197,532 forints.
Analysts polled by MTI said the gross wage rises in July exceeded expectations, and were probably triggered by bonuses and premiums.
David Nemeth, an analyst of ING Bank, said the growth in gross wages was pulled up by bonuses and premiums paid. Shredding this effect, the wage growth in the private sector would have come to about an annual 3-5 percent. The growth, however, will not generate an inflationary pressure, as companies envisage an inflation rate of 3-4 percent this year, and are adjusting wages accordingly, Nemeth said. He added that a steady rise in net real wages is good news for the economy, as this could bring along a rise in demand.
Gergely Suppan, an analyst of Takarekbank, agreed that the wage rise exceeded expectations and predicted a 4.5 percent rise for the rest of the year, which, with slowing inflation, could lead to a further rise in real wages. However, he was cautious to predict a rise in demand, as households are still weighed down by foreign currency debt, he said.