Industrial Producer Prices Rose by 7.8% on Average in 2023

In 2023, domestic output prices rose by 25.4% and non-domestic output prices decreased by 0.7%, so industrial producer prices together were 7.8% higher than in 2022, the Central Statistical Office (KSH) reported this Wednesday.

Industrial producer prices were 7.2% lower on average in December 2023 compared to one year earlier. Domestic output prices were cut by 3.6% and non-domestic output prices by 8.9%. Compared to the previous month, domestic output prices lessened by 0.6% and non-domestic output prices by 0.8%, so industrial producer prices as a whole were down, too, by 0.7%.

In December 2023 compared to December 2022:
Domestic output prices were 3.6% lower on average, within which there was a decrease of 3.1% in manufacturing, representing a weight of 65%, and of 5.6% in the energy industry (electricity, gas, steam and air conditioning supply), with a weight of 30%. Food industry output prices lessened by 3.6%.

Prices in Hungary were 6.2% lower in energy and intermediate producer branches together, and increased by 4.4% in capital goods producer and by 1.0% 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 3.2% lower in manufacturing, representing a weight of 90%, and 50.6% lower in the energy industry, with a weight of 9.8%.

In 2023 compared to previous year:
Industrial producer prices as a whole were 7.8% higher. Domestic output prices were up by 25.4% on average, within which manufacturing prices grew by 9.2% and energy industry prices by 62.7%.

Industrial domestic output prices rose by 31.7% in energy and intermediate producer branches, by 7.5% in capital goods producer and by 17.4% in consumer goods producer branches out of the end-use groups of the producer branches of industry.

Industrial non-domestic output prices decreased by 0.7%, within which manufacturing prices were 3.8% higher and prices in energy industry, representing a small weight, an average 33.2% lower.