Industrial Producer Prices Increase by 34.9%

Industrial producer prices rose by 34.9% on average in December 2022 compared to one year earlier. Domestic output prices were up by 62.9% and non-domestic output prices by 20.7%, the Central Statistical Office reports.

The faster growth in domestic output prices was due to the proportion of the energy industry, where a significant price increase occurred, being much larger in the domestic than in the non-domestic output. In addition to the steep rise in energy prices, the increase in base material prices and the weakening of the forint also had a price-raising effect.

Compared to the previous month, domestic output prices rose by 1.2% and non-domestic output prices were cut by 0.8%, so industrial producer prices as a whole lessened by 0.1%. In 2022, domestic output prices were 51.7% and non-domestic output prices 24.5%, so industrial producer prices together 33.7% higher than in 2021.

In December 2022, compared to December 2021:
Domestic output prices were 62.9% higher on average, within which they were up by 34.5% in manufacturing, representing a weight of 62%, and – owing to a drastic increase in world market prices and to amendments to the regulation of the administrative price – by 130% in the energy industry (electricity, gas, steam and air conditioning supply), with a weight of 33%.

Prices in Hungary increased by 81.8% in energy and intermediate producer branches together, by 14.8% in capital goods producer and by 39.5% in consumer goods producer branches out of the end-use groups of the producer branches of industry.

Industrial non-domestic output prices rose by 20.7%, within which the price increase was 19.5% in manufacturing, representing a weight of 96%, and 42.9% in the energy industry, with a weight of 3.8%.

In 2022, compared to previous year:
Industrial producer prices as a whole were 33.7% higher. Domestic output prices were up by 51.7% on average, within which manufacturing prices grew by 33.2% and energy industry prices by 99.2%.

Industrial domestic output prices rose by 69.0% in energy and intermediate producer branches, by 14.6% in capital goods producer and by 28.0% in consumer goods producer branches out of the end-use groups of the producer branches of industry.

Industrial non-domestic output prices increased by 24.5%, within which manufacturing prices were higher by 20.0% and prices in energy industry, representing a small weight, by an average 165%.