September 29, 2023
Industrial producer prices decrease by 2.3% in August 2023 compared to a year earlier and go up by 0.7% compared to previous month
Industrial producer prices were 2.3% lower on average in August 2023 compared to one year earlier. Domestic output prices were up by 8.6% and non-domestic output prices decreased by 7.6%. The large difference was primarily due to domestic output prices in the energy industry – producing goods basically for the domestic market, within which representing a large weight – being higher than a year earlier, while non-domestic output prices there being already substantially lower. The development of industrial producer prices was influenced also by the increase in base material prices and the rise in production costs, as well as the annual strengthening of the forint against the euro. Compared to the previous month, domestic output prices were up by 0.3% and non-domestic output prices by 0.9%, so industrial producer prices as a whole rose by 0.7%.
In August 2023 compared to August 2022:
Domestic output prices increased by 8.6% on average, within which the price rise was 2.2% in manufacturing, representing a weight of 65%, and – partly owing to amendments to the regulation of the administrative price – 18.4% in the energy industry (electricity, gas, steam and air conditioning supply), with a weight of 30%. Food industry output prices were up by 9.3%.
Prices in Hungary rose by 7.5% in energy and intermediate producer branches together, by 6.0% in capital goods producer and by 11.5% in consumer goods producer branches out of the end-use groups of the producer branches of industry.
Industrial non-domestic output prices were cut by 7.6%, within which the prices were 0.9% lower in manufacturing, representing a weight of 90%, and 61.0% lower in the energy industry, with a weight of 9.8%.
In January–August 2023 compared to January–August 2022:
Domestic output prices went up by 37.7% and non-domestic output prices by 3.4%, so industrial producer prices as a whole were 14.6% higher.
Source: Hungarian Central Statistical Office
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