Industrial Producer Prices Up by 37% in Hungary

Industrial producer prices rose by 37.0% on average in November 2022 compared to one year earlier. Domestic output prices were 63.7% and non-domestic output prices 23.4% higher, 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 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 1.6% and non-domestic output prices were cut by 2.0%, so industrial producer prices as a whole lessened by 0.8%.

In November 2022 compared to November 2021:
Domestic output prices were 63.7% higher on average, within which they rose by 35.6% 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 131% in the energy industry (electricity, gas, steam and air conditioning supply), with a weight of 33%.

Prices in Hungary went up by 82.9% in energy and intermediate producer branches together, by 16.2% in capital goods producer and by 39.4% in consumer goods producer branches out of the end-use groups of the producer branches of industry.

Industrial non-domestic output prices were 23.4% higher, within which the price rise was 21.6% in manufacturing, representing a weight of 96%, and 59.0% in the energy industry, with a weight of 3.8%.

In January–November 2022 compared to January–November 2021:
Domestic output prices rose by 50.7%, non-domestic output prices by 24.8% and industrial producer prices as a whole by 33.6%.