In comparison to July 2023, industrial producer prices rose by an average of 2.5% in July 2024. This growth was driven by an increase in both domestic and non-domestic output prices. Domestic output prices saw a 1.4% rise, while non-domestic output prices increased by a more significant 3%.

Breaking down the domestic figures, manufacturing prices, which make up 60% of domestic output, experienced a 2.8% increase. In contrast, the energy industry, including electricity, gas, steam, and air conditioning supply, saw a 2.1% decrease in prices. The food industry also faced a price reduction, with output prices falling by 1.5%.

Within the producer branches of industry, prices in Hungary rose by 0.9% in the energy and intermediate producer branches combined. Capital goods producer branches saw a more substantial increase of 4.2%, while consumer goods producer branches experienced a moderate 1% rise.

On the non-domestic front, manufacturing prices, which dominate this category with an 82.9% weight, grew by 3.6%. However, the energy industry saw a decline in prices, dropping by 3.2%.

The sectoral breakdown indicates that the manufacturing sector is experiencing steady price increases, particularly in the non-domestic market. However, the energy industry is facing challenges with declining prices, both domestically and internationally. The food industry, a critical component of domestic output, is also seeing a reduction in prices, reflecting potential changes in demand or cost pressures.

Month-on-month Price Increase Reaches 0.7%

When compared to June 2024, industrial producer prices in July 2024 showed a 0.7% increase.

This growth was driven by a 2% rise in domestic output prices, while non-domestic output prices remained unchanged.

Looking at the broader period from January to July 2024 compared to the same period in 2023, industrial producer prices as a whole were 1.6% lower.

Domestic output prices declined by 3.8%, and non-domestic output prices saw a slight decrease of 0.5%.