Industrial Producer Prices Increase by 41.7%

Industrial producer prices rose by 41.7% on average in October 2022 compared to one year earlier. Domestic output prices were 67.7% and non-domestic output prices 28.4% higher, the Central Statistical Office reports.

The faster growth in domestic output prices was due to the fact that the share of the energy industry, which has seen significant price increases, is much larger in domestic sales than in exports. 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-raising effect. Compared to the previous month, domestic output prices went up by 6.8%, non-domestic prices by 2.1% and industrial producer prices as a whole by 3.7%.

In October 2022 compared to October 2021:
Domestic output prices were 67.7% higher on average, within which they rose by 37.3% in manufacturing, representing a weight of 62%, and – owing to a drastic increase in world market prices and changes to the official price regulation – by 145% in the energy industry (electricity, gas, steam and air conditioning supply), with a weight of 33%.

Prices in Hungary went up by 90.0% in energy and intermediate producer branches together, by 17.9% in capital goods producer and by 38.7% in consumer goods producer branches out of the end-use groups of the producer branches of industry.

Industrial non-domestic output prices were 28.4% higher, within which the price rise was 26.1% in manufacturing, representing a weight of 96%, and 83.3% in the energy industry, with a weight of 3.8%.

In January–October 2022 compared to January–October 2021:
Domestic output prices rose by 49.4%, non-domestic output prices by 25.0% and industrial producer prices as a whole by 33.2%.