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Hungary farm gate prices jump 31.0% in November

Twelve-month farm gate prices in Hungary climbed a hefty 31.0% in November, after increasing 24.7-24,7% in October and September, the Central Statistics Office (KSH) said on Thursday.

Farm gate prices rose for the fifth month in a row.

The price of crops increased 45.3% in November after a 37.1% plus in October from the same month a year earlier.

The price of livestock and animal products rose 11.0% yr/yr after adding 7.6% in October.

The National Bank of Hungary cited inflationary pressure caused by rising food prices as one of the reasons for a two rate rises – the firsts since the autumn of 2008 – decided on at the end of November and December.

In a breakdown by crop type, KSH said farm gate prices of cereals, including seeds, rose 51.6% in November after 45.7% in October yr/yr. Oil seed prices were up 44.7%, potato prices increased 59.7% and fruit prices jumped 118.8%.

Among livestock and animal product prices, the price of cattle for slaughter rose 25.9%, and those of live hogs increased dipped 6.3%. Poultry prices were up 9.4% and milk prices climbed 19.3%, but fresh egg prices dropped 1.8%.

In January-November, farm gate prices rose 16.2% from a year earlier. Base was low as prices decreased 10.2% yr/yr in January-November last year. Livestock and animal product prices were up 1.1% yr/yr, but crop prices were up 27.1% as cereal prices climbed 30.0% and fruit prices jumped leapt 51.8%. (MTI Econews)