Prices of Industrial Products up 8%

In November 2024, industrial producer prices were on average 7.9% higher than a year earlier. Domestic sales prices were 3.2 percent higher and export sales prices 10.2 percent higher than in November 2023, the Hungarian Central Statistical Office (KSH) reported.

The price rise was mainly caused by the weakening of the Hungarian currency the forint against the euro (EUR 1 = HUF 415, up from HUF 377 in January 2024) and the fact that world energy prices exceeded previous levels, the report added. Compared with the previous month, domestic sales prices rose by 3.0% and export sales prices by 4.9%, bringing the overall increase in industrial producer prices to 4.3%. Compared to November 2023, domestic sales prices increased by an average of 3.2 percent, including 4.2 percent for manufacturing, which weighed 60.0 percent, and 0.5 percent for energy (electricity, gas, steam, air conditioning, and air conditioning), which weighed 38.6 percent. Food industry sales prices rose by 3.5%.

Industrial Price Index. Graph: KSH

Among the destination groups of sectors, domestic prices rose by 2.3 percent for energy and intermediate goods, 7.9 percent for capital goods and 3.3 percent for consumer goods. Prices for industrial export sales were 10.2 percent higher, including 6.8 percent in manufacturing, which weighed 82.9 percent, and 22.3 percent in energy, which weighed 16.7 percent. In January-November 2024, domestic sales prices declined 2.1 percent and export sales prices rose 1.5 percent, so overall industrial producer prices were 0.3 percent higher.

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