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Industrial producer prices up 3.1% y.o.y. in June

Figures

Image by Pixabay

Industrial producer prices as a whole were 3.1% higher in June 2020 than in the same period of the previous year, according to data released by the Central Statistical Office (KSH).

Image by Pixabay

The development of prices was affected by the economic fallout of the coronavirus pandemic. The virusʼs 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.

Compared to June 2019, domestic output prices were reduced by 1.1% on average, within which prices were 1% higher in manufacturing, representing a weight of 63%, and 5.8% lower in the energy industry (electricity, gas, steam and air conditioning supply), with a weight of 32%.

Prices in Hungary were cut by 4.5% in energy and intermediate producer branches and rose by 7.1% in capital goods producer and by 4.9% in consumer goods producer branches out of the end-use groups of the producer branches of industry.

According to KSH, industrial non-domestic output prices were 5.2% higher, within which the prices of manufacturing, representing a weight of nearly 95%, increased by 6.2% and the prices of the energy industry, with a weight of 4.9%, were lowered by 14%.

In the first six months of the year, domestic output prices went up by 0.6% year-on-year and non-domestic output prices by 4.8%, meaning that industrial producer prices as a whole were 3.4% higher than in January-June 2019.

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