Industrial Producer Prices Up by 11.2% in Hungary

Industrial producer prices rose by 11.2% on average in Hungary in May 2023 compared to one year earlier, the Central Statistical Office reports.

Domestic output prices were up by 36.5% and non-domestic output prices lessened by 1.1%. The large difference was primarily due to the domestic output prices of energy industry – producing goods basically for the domestic market, within which representing a large weight – being much higher than a year earlier, while its non-domestic output prices being already on the decrease.

The growth in industrial producer prices was influenced also by the increase in base material prices and the rise in production costs. Compared to the previous month, domestic output prices decreased by 2.0% and non-domestic output prices by 1.4%, so industrial producer prices as a whole lessened by 1.6%.

In May 2023 compared to May 2022:
Domestic output prices increased by 36.5% on average, within which the price rise was 9.3% in manufacturing, representing a weight of 65%, and – partly owing to amendments to the regulation of the administrative price – 103% in the energy industry (electricity, gas, steam and air conditioning supply), with a weight of 30%. Food industry output prices were up by 24.7%.

Prices in Hungary rose by 47.6% in energy and intermediate producer branches together, by 6.6% in capital goods producer and by 22.0% in consumer goods producer branches out of the end-use groups of the producer branches of industry.

Industrial non-domestic output prices lessened by 1.1%, within which prices were 3.2% higher in manufacturing, representing a weight of 90%, and 29.7% lower in the energy industry, with a weight of 9.8%.

In January–May 2023 compared to January–May 2022:
Domestic output prices were 48.8% and non-domestic output prices 9.4% higher, so industrial producer prices as a whole went up by 22.3%.