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The rise in industrial producer prices accelerated in July due to the price increase of raw and base materials, as well as motor fuels, and the depreciation of the forint against the euro.
According to the report of the Hungarian Central Statistical Office, industrial producer prices were 14.8% higher on average in July than a year earlier. Domestic output prices rose by 18.3% and non-domestic output prices by 13%.
Compared to the previous month, domestic output prices increased by 3.3% and non-domestic output prices by 3.6%;
thus, industrial producer prices as a whole increased by 3.5%.
The results of the yearly comparison (July 2021 compared to July 2020) are the following. Domestic output prices were up by 18.3%, within which the price increase was 14.9% in manufacturing and 26.1% in the energy industry (electricity, gas, steam, and air condition supply). As far as the energy and intermediate producer branches are concerned, prices were 24.5% higher in these branches combined. Prices went up by 6.4% in capital goods producing and by 5.1% in consumer goods producing branches.
Industrial non-domestic output prices showed an increase of 13.0%, within which the price increase was 9.2% in manufacturing and 117.4% in the energy industry.
The main factors behind the prominent change in the energy industry prices are the rise in world market prices, the weakening of the forint, and the fall of raw material prices in the base period.
24.hu added that the increase in domestic prices was mainly fuelled by a 42.2% and 34.1% rise in petroleum refining and chemical industry prices, but the producer prices of metal products and raw materials were also 24.8% higher than last year. Producer prices increased by 6.6% in the food industry, which marks a 0.6 percentage point increase compared to June. Prices in the automotive industry were up by 5%, and producer prices of computer goods increased by 1.1%.
The forint has depreciated by 1.8% (HUF 6.24, ~EUR 0,018) against the euro since July last year and strengthened by 1.4% (HUF 4.35, ~EUR 0,012) against the dollar.
Source: ksh.hu, 24.hu