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Average Gross Wages Rise 14.7% Y/Y, Above Estimates

HUNGARY
  • Average gross wages rose 14.7% y/y (Est: +14.0%) in January versus +16.0% in December, according to the Central Statistical Office. Month-on-month, wages fell 7.6% compared to +5.2% the month prior.
  • Hungarian prosecutors will hold a briefing at 09:00GMT/10:00CET on the state of their investigation into a high-level corruption case after the leak of an audio tape relating to the matter sparked protest on Tuesday.
  • The NBH will release its latest inflation report in full at 09:00GMT/10:00CET. Note that the new projections were referenced in the Bank’s policy statement earlier this week - the central bank expects annual inflation to be between 3.5-5.0% in 2024, a downward revision from the 4.0-5.5% predicted in December 2023. Our full review of the March meeting, with sell-side analyst views, can be found here.

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