Industrial Producer Prices Rise by 37.9% in Hungary

Industrial producer prices were up by 37.9% on average in July 2022 compared to pandemic figures one year earlier. Domestic output prices were 52.7% and non-domestic output prices 30.4% higher, the Central Statistical Office reports.

The higher rate of increase in domestic output prices was owing to the larger proportion of the energy industry, where a significant price rise occurred. Besides, the rise in base material prices and the weakening of the forint were also decisive. Compared to the previous month, domestic output prices increased by 9.1%, non-domestic prices by 3.9% and industrial producer prices as a whole by 5.7%.

In July 2022 compared to July 2021:
Domestic output prices were 52.7% higher on average, within which they rose by 36.4% in manufacturing, representing a weight of 62%, and by 95.0% in the energy industry (electricity, gas, steam and air conditioning supply), with a weight of 33%.

Prices in Hungary increased by 69.8% in energy and intermediate producer branches together, by 17.1% in capital goods producer and by 29.8% in consumer goods producer branches out of the end-use groups of the producer branches of industry.

Industrial non-domestic output prices were up by 30.4%, within which the price rise was 24.8% in manufacturing, representing a weight of 96%, and – owing to a drastic increase in world market prices – 214% in the energy industry, with a weight of 3.8%.

In January – July 2022 compared to January – July 2021:
Domestic output prices increased by 42.0%, non-domestic output prices by 22.7% and industrial producer prices as a whole by 29.2%.