Industrial Producer Prices Up by 43.4% in Hungary

Industrial producer prices were up by 43.4% on average in August 2022 compared to one year earlier. Domestic output prices were 66.6% and non-domestic output prices 31.6% higher, the Central Statistical Office KSH) reports.

The faster rate of increase in domestic output prices was owing to the larger proportion of the energy industry, where a significant price rise occurred. In addition to the steep rise in energy prices, the rise in base material prices and the weakening of the forint also had a price pushing effect, KSH explains.

Compared to the previous month, domestic output prices increased by 10.3%, non-domestic prices by 0.9% and industrial producer prices as a whole by 4.1%.

In August 2022 compared to August 2021:
Domestic output prices were 66.6% higher on average, within which they went up by 37.7% in manufacturing, representing a weight of 62%, and by 144% in the energy industry (electricity, gas, steam and air conditioning supply), with a weight of 33%.

Prices in Hungary rose by 92.2% in energy and intermediate producer branches together, by 16.9% in capital goods producer and by 32.8% 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 31.6%, within which the price rise was 25.7% in manufacturing, representing a weight of 96%, and – owing to a drastic increase in world market prices – 239% in the energy industry, with a weight of 3.8%.

In January–August 2022, compared to January–August 2021:
Domestic output prices increased by 45.1%, non-domestic output prices by 23.8% and industrial producer prices as a whole by 31.0%.