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Industrial producer prices up 3.6% in August

Industrial producer prices as a whole were 3.6% higher in August 2020 than in the same period of the previous year, according to data released by statistical agency (KSH).

The development of prices was influenced by economic trends having changed owing to the coronavirus epidemic, their impact was less felt in money and commodity markets, KSH notes.

Compared to August 2019, domestic output prices hardly changed (increased by 0.4%) on average, within which prices were 1.9% higher in manufacturing, representing a weight of 63%, and 2.9% lower in energy industry, with a weight of 32%.

Prices in Hungary were cut by 1.9% in energy and intermediate producer branches and rose by 5.6% in capital goods producer and by 4.6% in consumer goods producer branches out of the end-use groups of the producer branches of industry.

Industrial non-domestic output prices were 5.2% higher, within which the prices of manufacturing, representing a weight of nearly 95%, were up by 5.7%, while the prices of energy industry, with a weight of 4.9%, were lowered by 6%.

In the first eight months of 2020, domestic output prices increased by 0.5% compared to the same period of the previous year. Non-domestic output prices went up by 4.9%, meaning industrial producer prices as a whole were 3.4% higher.