Substantial Rise in Industrial Producer Prices

Industrial producer prices as a whole were 6.8% higher in December 2020 than a year earlier. The rate of increase of prices was influenced primarily by the weakening of the forint against the Euro.

According to a report by the Central Statistical Office published this Tuesday, domestic output prices were up by 2.6% and non-domestic output prices by 9.0%. Compared to the previous month, domestic output prices rose by 1.5% and non-domestic output prices by 0.8%, so producer prices as a whole went up by 1.0%. In 2020, industrial producer prices were 4.2% higher than in 2019.

In December 2020 compared to December 2019, domestic output prices were 2.6% higher on average, within which prices rose by 2.7% in manufacturing, representing a weight of 63%, and by 2.0% in energy industry (electricity, gas, steam and air conditioning supply), with a weight of 32%.

Over this period, prices in Hungary went up by 1.6% in energy and intermediate producer branches together, by 5.9% in capital goods producer and by 2.7% in consumer goods producer branches out of the end-use groups of the producer branches of industry.

Also in last December compared to the last month of 2019, industrial non-domestic output prices were 9.0% higher, within which the price rise was 8.3% in manufacturing, representing a weight of nearly 95%, and 18% in energy industry, with a weight of 4.9%, compared to December of the previous year.