According to data published by the Central Statistical Office (KSH), the 2.7% annual increase in industrial producer prices for June 2024 highlights several shifts within different sectors of the industry.

Domestic output prices saw a slight decrease of 0.2%. This decline was driven primarily by the energy industry, which experienced a significant price reduction of 6.5%. The energy industry’s weight within domestic output is substantial, at 38.6%.

Conversely, the manufacturing sector, which holds a weight of 60%, experienced a price increase of 2.9%. Notably, the food industry faced a reduction in output prices by 2.7%.

Non-domestic output prices, on the other hand, increased more robustly by 4.2%. Within this segment, manufacturing, which represents a substantial 82.9% of the non-domestic output, saw a price rise of 5.6%.

However, similar to the domestic market, the non-domestic energy industry experienced a decline, with prices falling by 5.8%.

Breaking down the domestic figures further, prices in Hungary fell by 1.4% in the energy and intermediate producer branches combined, while they rose by 5.6% in capital goods producer branches, and by 0.6% in consumer goods producer branches.

Compared to May 2024, industrial producer prices rose by 1.5%. This monthly increase is a result of a 1.2% rise in domestic output prices and a 1.7% increase in non-domestic output prices.

Industrial Producer Prices Down in H1 2024

Over the first half of the year, from January to June 2024, industrial producer prices reflected a different trend.

Domestic output prices decreased by 4.6%, and non-domestic output prices lessened by 1%, leading to an overall reduction in industrial producer prices by 2.3% compared to the same period in 2023.