Industrial producer prices in Hungary in September grew 3.3% in a month and were up 4.1% in twelve months, figures published by the Central Statistics Office (KSH) on Wednesday show.
The monthly increase accelerated sharply from a 0.7% increase in August, reflecting a bigger rise in export prices due to the sharp weakening forint. The monthly increase was the biggest one since September 2010.
Forint-term export sales prices rose 4.4% a month in September after a 0.9% rise in August, which was the first monthly increase registered since last December. They were up 2.9% yr/yr, after for months of yr/yr drops, including a 2.5% decline in August.
The monthly increase of domestic sales prices also picked up, to 1.7% in September from 0.3% in August. September domestic sales prices were up 5.9% yr/yr, after 3.4% yr/yr rises both in August and July.
January-August industrial producer prices were up 3.1% yr/yr as domestic sales prices rose 5.7% and forint-term export prices rose 1.3% in the period.
The forint weakened 4.5% to the euro and weakened 9.0% to the US dollar from August, and weakened 0.8% to the euro and strengthened 4.4% to the dollar from September 2010.
September domestic sales prices in the manufacturing industry were up 3.3% from August and rose 4.6% from one year earlier. The pace of increase picked up as export prices in the sector rose 4.2% in forint terms in a month and were up 2.8% in one year. Domestic sales prices of the manufacturing sector rose 1.5% on the month and were up 8.7% yr/yr.
In a breakdown per end-use, domestic sales prices rose in every product group from the previous month, and the prices of investment-goods producers rose 1.9% from August after a 0.1% slip in the previous month. Energy producers registered the biggest, 2.5% monthly rise, and the domestic prices of consumer durable producers rose 1.2%. The domestic sales prices of non-durable consumer goods manufacturers rose 0.2%n in a month, hardly less than in August.
Among the main export branches, forint-term export prices in the food industry rose 3.8% from August and rose 4.1% from September 2010. Export producer prices of computer, electronic and optical products rose 4.1% m/m after rising 0.7% in August and declines in the previous four months, and rose 5.3% in transport equipment -- mainly car -- manufacturing. Export prices in both sectors have been still down yr/yr now for several months.
The pace of increase of forint-term export prices doubled to 5.0% a month in chemicals manufacturing, and reached 11.4% yr/yr. Export prices also rose, by 4.1% from August in forint terms in the production of pharmaceuticals, and surpassed their year-earlier level by 0.6% in September after declines in the previous five months.