Industrial Producer Prices Decrease by 6.6%

Industrial producer prices were 6.6% lower on average in November 2023 compared to one year earlier. Domestic output prices were cut by 1.9% and non-domestic output prices by 8.9%, the country's Central Statistical Office (KSH) reports.

The development of industrial producer prices was influenced among others by the annual strengthening of the forint against the euro. Compared to the previous month, domestic output prices lessened by 0.7% and non-domestic output prices by 0.9%, so industrial producer prices as a whole were down, too, by 0.8%.

In November 2023 compared to November 2022:
Domestic output prices were 1.9% lower on average, within which there was a decrease of 2.6% in manufacturing, representing a weight of 65%, and of 1.6% in the energy industry (electricity, gas, steam and air conditioning supply), with a weight of 30%. Food industry output prices lessened by 2.3%.

Prices in Hungary were 3.8% lower in energy and intermediate producer branches together, and increased by 3.1% in capital goods producer and by 2.1% in consumer goods producer branches out of the end-use groups of the producer branches of industry.

Industrial non-domestic output prices were reduced by 8.9%, within which the prices were 3.8% lower in manufacturing, representing a weight of 90%, and 46.2% lower in the energy industry, with a weight of 9.8%.

In January–November 2023 compared to January–November 2022:
Domestic output prices went up by 28.0% and non-domestic output prices were unchanged, so industrial producer prices as a whole were 9.2% higher.