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Industrial producer prices up 1.7% y.o.y. in May

Industrial producer prices as a whole were 1.7% higher in May 2020 than in the same period of the previous year, with the coronavirus pandemicʼs economic effects affecting the development of prices, according to data released by the Central Statistical Office (KSH).

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The epidemicʼs impact was felt in money and commodity markets (among others in forint exchange rate changes and the world market prices of raw and base materials) as well, the agency notes.

Compared to May 2019, domestic output prices were 2.6% lower on average, within which the prices of manufacturing, representing a weight of 63%, were 1.9% and the prices of the energy industry, with a weight of 32%, 5% lower.

Prices were cut by 6.9% in energy and intermediate producer branches and rose by 6.9% in capital goods producer and by 5.5% in consumer goods producer branches out of the end-use groups of the producer branches of industry.

Industrial non-domestic output prices rose by 3.9%, within which prices increased by 5.4% in manufacturing, representing a weight of nearly 95%, and fell back by 23% in the energy industry, with a weight of 4.9%.

In the first five months of 2020, domestic output prices increased by 1% compared to the same period of 2019, while non-domestic output prices rose by 4.8%. Industrial producer prices as a whole were 3.5% higher.