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Price indices and prices of agricultural products

Producer price index of agricultural products: Reflects changes in prices (compared to annual average prices) paid to producers for agricultural products procured for processing or further sale, or sold directly to households for consumption (in the market). It excludes the value of direct exports and value of direct sales (between farmers) of animals and animal products. The indices have been calculated by the Laspeyres type formula weighted with the ratio of sales values in fix base. Rebasing are used every five years as follows: all years ending in 0 or 5 are considered as base years and switch in the third year following the calendar year (eg price indices based on 2015 were first applied in 2018, and base year 2020 expected to take place in 2023). The weights remain unchanged for 5 years. Price indices compared to the same period of the previous year are calculated from the fix based indices.

Average producer prices:

Input price index: Data on purchase price of fertilizers, pesticides, feeding-stuffs and veterinary products are collected from retailers and wholesalers. For obtaining weights the proportions of base year (2015) values (excluding the amount of VAT) of goods and services purchased by agricultural producers from retailers or wholesalers are used. Rebasing are used every five years as follows: all years ending in 0 or 5 are considered as base years and switch in the third year following the calendar year (eg price indices based on 2015 were first applied in 2018, and base year 2020 expected to take place in 2023). The weights remain unchanged for 5 years. Price indices compared to the same period of the previous year are calculated from the fix based indices. According to the new methodology for the calculation of annual indices the quarterly price indices are not weighted any longer using the value of products sold during the year but the annual value weight is distributed equally over each quarter at product and product group level.

Terms of trade: Terms of trade figure is calculated by dividing the output price index by the input price index.

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Industrial price indices

The monthly representative price observation concerns almost 1400 economic enterprises and nearly 6000 products. The observed price, in case of domestic sale, is a basic price since 1994, excluding value added tax, and including price supplement belonging to turnover; in case of external trade turnover, it is a price at border parity converted into forint at the actual rate of exchange, valid on the day of fulfilment.

Producer price index: a weighted average of price indices of domestic sales and export sales.

Price index of domestic sales: an index calculated from net price receipts of products sold inland using base periods as weights.

Price index of export sales: an index calculated from the price receipts of products sold directly-, through an agent-, or in a joint venture to external trade using base periods as weights.

Calculation method: as a first step a chain relative number had been calculated by representatives of the respective month. Following this the commodity-group indices were determined as arithmetic means of price ratios, then price indices by branches were calculated as weighted arithmetic means of commodity-group price indices.

Weights are revised annually, based on data of the "Annual statistical survey of industrial production" (questionnaire No. 1039 in the National Statistical Data Collection Programme (OSAP in Hungarian)).

Weights are the value of annual sales of the products/services in a particular product group two years prior to the reference year, in a particular sales direction.

As weights are changed annually, the change of the weight structure also has an effect on the base indices of aggregates.

Weights for particular years are shown in the attached table: weights.xlsx

Grouping by use: since 1998 it is done according to the recommendations (on 3 digit level) of the European Union in harmony with special branch classification. From 2000 the EU modified the contain of some groups of MIG (Main Industrial Grouping). From these the most significant change is that the division 41 collection, purification and distribution of water belongs to group Energy producer branches instead of group Intermediate goods producer branches, as before.

The updated branch classification of the Hungarian Standard Industrial Classification of All Economic Activities'98 was introduced in the industrial price index computation in January 1999 and since then industrial producer price indices are calculated on its basis. The HSICEA'98 fully conforms to the EU NACE Rev.1. (4-digit level). From January 2009 the classification is based on HSICEA'08, which is consistent with NACE Rev. 2.

Data suppliers: selected corporations listed to Mining (B), Manufacturing (C), Energy industry (D), Water and waste management (E).

Tables containing fixed base indices (2021 = 100%) have been methodologically revised. (29.02.2024)

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Construction producer price index

Construction cost based price index: was calculated until 2007, took into consideration the change in the producers' prices of the materials used in the construction and in the earnings of employees on construction.

Construction producers' price index: reflects the average price development of construction activity performed in construction branch. The indices are based on the survey of market prices of selected construction operations.

Price indices by type of building: reflects the average price development of construction operations need to build the given type of construction.

Unit price of the construction operations: the prices of the selected operations, including material and fee prices without VAT. These prices are taken from the entrepreneur fee establishing budgets of the contracts' and contracts modifications' from the reference period.

Calculation method: The basic element of the calculation is the elementary price relative by representatives, which is the quotient of the construction operation's reference and base period prices. From these quotients first we calculate - using arithmetical averages - enterprise indices; subsequently sub-branch and branch indices aggregated from enterprise indices weighted by staff size categories and main groups of construction. The construction price index is computed from the branch indices. Production values from two years before the reference year are used as weights. To compute indices of types of constructions first price indices for each selected operation are calculated as the simple arithmetical mean of elementary price relatives, subsequently the indices of the construction operations are weighted by types of constructions. The weights used for the types of constructions were made to be compiled by specialists, who collected weight proportions from the costs of selected construction projects.

Source of data: data supply of „Prices of construction activities”.

Scope of data suppliers: designated enterprises classified to the construction industry (a total of 900).

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Building materials price indices

The construction building materials price indices is the weighted average of the following TE┴OR'08 classes:
0811   Quarrying of ornamental and building stone, limestone, gypsum, chalk and slate
0812   Operation of gravel and sand pits; mining of clays and kaolin
1621   Manufacture of veneer sheets and wood-based panels
1622   Manufacture of assembled parquet floors
1623   Manufacture of other builders' carpentry and joinery
2223   Manufacture of builders' ware of plastic
2311   Manufacture of flat glass
2312   Shaping and processing of flat glass
2314   Manufacture of glass fibres
2319   Manufacture and processing of other glass, including technical glassware
2320   Manufacture of refractoryproducts
2331   Manufacture of ceramic tiles and flags
2332   Manufacture of bricks, tiles and construction products, in baked clay
2342   Manufacture of ceramic sanitary fixtures
2343   Manufacture of ceramic insulators and insulating fittings
2344   Manufacture of other technical ceramic products
2351   Manufacture of cement
2352   Manufacture of lime and plaster
2361   Manufacture of concrete products for construction purposes
2363   Manufacture of ready-mixed concrete
2364   Manufacture of mortars
2370   Cutting, shaping and finishing of stone
2391   Production of abrasive products
2399   Manufacture of other non-metallic mineral products n.e.c.
2511   Manufacture of metal structures and parts of structures
2512   Manufacture of doors and windows of metal

Price index of investment

The price index of investment belongs to the type of secondary indices. Primarily it is used for measuring the volume changes of the investments. The price index of construction, of industrial domestic sales as well as the unit value index of external trade are used for its calculation as primary indices. Weighting is done by the category composition of the performance value in the reference year. Indices have been calculated from data of comparable structure.

Price Indices and Terms of Trade for External Trade in Goods

Upto 2002 for the measurement of the price level changes of the external trade in goods HCSO computed unit value indices. These indices were based on the HUF value of turnover registered in the process of customs clearance and quantity data. Since 2003 the computation of price indices is based characteristically on actual market prices.

The calculation of indices is based on two sources of data.

The selection of representative products and data providers is a concentrated sample selection based on the stratified turnover data of the previous year. In accordance with the export and import turnover by relations the most considerable strata are selected. For these strata representative products are selected at the companies with the highest turnover. Data broken down by countries (for import: country of consigner, for export: country of destination) are provided monthly.

By specifying the representative product, besides the most important price affecting technical parameters we also specify the main price affecting business conditions by country such as payment and delivery terms and the type of currency.

The observed price is the monthly average unit price of the representative product calculated from one transaction of the assigned commodity code and country on the given commercial terms.

As a first step of index calculation the monthly indices are prepared on the basis of the same month of the previous year. Indices are aggregated by the Fisher formula, i. e. as a geometric mean of base period weighted Laspeyres and current weighted Paasche indices. Value data of the whole product turnover are used for weighting. Base index series are produced by chaining the indices on basis of which the base indicators of the same period of the previous year can be calculated.

Indices are published by the main commodity groups composed of the product groups of UN nomenclature SITC and by main country groups.

Revision of data: because of false supply of data and additional informations the data can be corrected retroactively, therefore they can deviate from data published previously.

Terms of Trade: the quotient of export and import price index.

Volume index: it is calculated from the HUF index straining of the influence of Forint price level changes occured from base period to reference period. Volume index is the quotient of value and price index.

Main commodity groups:

  1. Food, beverages, tobacco
    0   Food and live animals
    1   Beverages and tobacco
  2. Crude materials
    2   Crude materials, inedible (excluding fuels)
    4   Animal and vegetable oils, fats and waxes
  3. Fuels
    3   Mineral fuels, lubricants and related materials
  4. Manufactured goods
    5   Chemicals and related products
    6   Manufactured goods (classified chiefly by material)
    8   Miscellaneous manufactured articles
    9   Commodities and transactions not classified elsewhere
  5. Machinery and transport equipment
    7   Machinery and transport equipment

Country groups:
Until January 2020
European Union (EU28)
Extra-EU countries
From February 2020 (after the secession of the United Kingdom from EU)
European Union (EU27_2020)
Extra-EU countries

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Service Producer Price Indices (SPPIs)

Service producer price index: quarterly changes in prices in the below mentioned service activities according to NACE Rev.2.

Observed services, total (Sections H–N, with the exception of Section K)

HTransportation and storage services, total
49Land transport services and transport services via pipelines
52Warehousing and support services for transportation
53Postal and courier services
IAccommodation and food services, total
55Accommodation services
56Food and beverage serving services
JInformation and communication services, total
58Publishing services
59Motion picture, video and television programme production services, sound recording and music publishing
60Programming and broadcasting services
61Telecommunications' services
62Computer programming, consultancy and related services
63Information services
LReal estate services, total
68Real estate services
MProfessional, scientific and technical services, total
69Legal and accounting services
70.2Management consulting services
71Architectural and engineering services; technical testing and analysis services
73Advertising and market research services
74Other professional, scientific and technical services
NAdministrative and support services, total
77Rental and leasing services
78Employment services
79Travel agency, tour operator and other reservation services and related services
80Security and investigation services
81Services to buildings and landscape
82Office administrative, office support and other business support services

Comment: In the calculation of the price index of Section H, Air transport (51) was also taken into account, however, for data protection reasons, the data are not presented separately. Water transport services (50) are also included.

Service producer prices: the services producer price is the amount that the producer receives for services sold to customers, excluding value added tax and similar deductible taxes invoiced to the customer as well as (e.g. transportation, packing, etc.) charges invoiced separately by the producer, but including surcharges and discounts.

Price representative of services: a service item with well delimited parameters of quality relevant in pricing aspects; which represents considerable weight in sales and data on which can be continuously supplied.

Scope of data suppliers: enterprises, which supply the above mentioned services.

Source of data: compulsory statistical survey with quarterly questionnaire „Business Services Output Prices”

Pricing methods for services: all specific information based on which the service producer unit price can be determined.

The Methodological guide for developing producer price indices for services (publication of OECD and Eurostat, second edition, KS-04-14-661-EN-C) suggests using eight pricing methods:

  1. Direct use of prices of repeated services: real transaction prices or list prices (although this latter is not proposed) are surveyed. It can be applied when services or „service packages” are actually realized in every survey period.
  2. Contract pricing: uses real transaction prices. It is applied when the same producer sells the same (or very similar) service to the same client in several survey periods.
  3. Component pricing: divides the composite service into a number of key output components, which are priced separately based on real transaction prices, then component data are combined to form the service price.
  4. Model pricing: the price for a standardised product is estimated based on a model transaction which is not actually transacted in the comparison period.
  5. Unit value method: the unit price is determined as the quotient of the value (sales revenue) and quantity of services sold over a large number of transactions. The method is applicable in cases when the different service types in a group of services are relatively homogeneous.
  6. The percentage fee method: estimates a price by multiplying the value of an asset tied to the service by a percentage.
  7. The pricing based on working time : surveys the amount of money charged to a buyer of a service for a standard unit (e.g. one hour) of work carried out by an employee contributing to the production (provision) of that service (which amount of money should not be mistaken for the employee's salary.
  8. Margin pricing method: margin prices are defined as those prices that are not directly observable but where the value of the service can be measured as the difference between the observed acquisition and selling prices of a given product. It is important to differentiate this method from pricing mechanisms that may be used by typical margin charging industries. In some cases these industries will specify the price of a service for a given delivery/provision of a product, which may also be invoiced as a percentage of the value of the underlying product. In these cases the appropriate methods are those that relate real transaction prices or percentage fees. There are however similarities in practice between the percentage fee and margin pricing methods.

Method for index calculation: Composite „PRODUCT”-type price indices are the aggregates of enterprise-level product-type price indices of CPA'08 categories (previous quarter = 100%).

  1. 1Price relatives (quotient of the reference and base period unit price).
  2. Elementary price indices: 6-digit price indices for enterprises (weighted arithmetical or unweighted geometrical average of price relatives, product type).
  3. 4-digit, product-type price indices for enterprises (weighted arithmetical or unweighted geometrical average).
  4. Sub-index for „large” enterprises (full coverage, weighted arithmetical average, product type).
  5. Sub-index for „smaller” enterprises (representative sample survey, unweighted geometrical average, product type).
  6. Compilation of class-level indices (4-digit level of CPA'08, weighted arithmetical average, proportionate to the sales revenue of „large” and „smaller” enterprises, product type).

The NACE Rev.2 4-digit level weights are SBS turnover data from 2 years prior to the actual year. The indices are chain linked with annually up-dated weights.


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Consumer price index, consumer prices

The consumer price index is calculated monthly and covers the whole country and all private households. It is a measure of changes in the price of goods and services intended for household consumption. For either methodological or technical reasons, certain purchases, e.g. the purchase of real estate property or certain services (transfers in kind) are not included.

Official base: the base period of the index calculation is December of the previous year. In addition, every month the indices are calculated on the basis of the previous month and the same month of the previous year. All other (quarterly, yearly, etc.) indices are calculated as composite chain indices of the above mentioned monthly indices.

Method of data collection: the selection of representative items (goods and services) as well as outlets is based on information from various sources (retail trade, regional offices, etc.) The purposive selection is concentrated on the volume selling items and outlets proportionate to size. In case of seasonal products, such as fresh fruits and vegetables, farmers' markets are also selected for price observation.

Manual or sometimes automatic price collection from the internet is used to collect the prices of those products and services that are purchased primarily online (for example electric household appliances, accommodation services, airfares).

At present there are approximately 1,000 items to be observed monthly. Altogether some 80,000 prices are collected monthly.

All items to be observed are specified according to quality, trade mark, type etc. In certain cases the price collectors have some freedom to select different varieties in different outlets, but they have to leave them unchanged within a given outlet till the selected commodity satisfies the criteria of representative items and expected continuous availability. Replacements are controlled centrally when necessary. Prices (price indices) for seasonal items are imputed when they are out-of-season and cannot be bought in outlets. Certain items, like consumption from own production, credit charges, direct taxes, second-hand transactions - except cars - are excluded.

The modification utility price regulations effective from 2022 August is accounted for in the consumer price index proportionally to consumption. The elements of the dual price regime (discounted and household market price) for gas and electricity are weighted according to their share in the payments of households, that is what is the ratio of their consumption that priced at either on discounted or household market price. The amount of gas and electricity is available at discounted price is calculated on a 12-month basis. Calculations are based on the gas and electric energy consumption related data of the Hungarian Energy and Public Utility Regulatory Authority (HEA) registered on the national economy level (with a delay of 2 months due to data availability) as well as the annual data measured by the HCSO among households on household consumption. HCSO calculates the amounts to be paid on household level, then, by aggregating these, obtains the national economy level data. As such HCSO considers, when performing the calculations, the distribution and change of gas and electric energy consumption among households, and, to the extent of available data sources, possible differences due to household structures (e.g. large families' allowances, etc.), too. This way it is ensured that gas and energy consumption is represented in the adequate proportion in the unchanged- as well as in the higher price range group in every month.

The weights used for the compilation of the Consumer Price Index (CPI) represent the ratio of goods and services within the final monetary consumption of households. From 2012 the weights are based on the provisional macro data of National Accounts relating to year t-2, while in previous years this data source was completed with the HBS data as well.

During the calculation of the weights from 2021 we also used the preliminary national accounts data already available for the first three quarters of year t-1, following the methodological recommendations of international organizations, including Eurostat, in order to take into account the significant impact of the new corona virus pandemic on household consumption expenditure. Thus, for the weights of 2024 we also used the data of the first three quarters of 2023.

The CPI is a fixed base weighted index (Laspeyres type). The weights of the 140 basic headings are the same every month throughout the year.

The calculation of CPI: The price relatives of the representative items are calculated by dividing the average price of a given item in the current month by its average price in the base month. The price index of the 140 basic headings is the weighted mean of the price relatives of the included representative items. The price indices of the main groups and the total consumption are the weighted average of 140 basic headings. For the aggregation, the index with the base period of the previous December is used.

From 2012, CPI does not include the cost of imputed rents, which formerly appeared within the group of services. According to the regulation of National Accounts, this item is not considered as purchased consumption thus it is excluded from the CPI. Hence, there are 140 basic headings instead of the preceding 141.

Publication: The price indices of the groups of commodities are published monthly, quarterly and yearly on different bases. The price indices of different types of households using the weights of the family expenditure structure are also published.

During the calculation of the consumer price index, both average prices and indices are made with several decimal places. Subsequently, when the results are published, the data will be rounded based on:

The annual CPI, which indicates the annual average price change, is calculated as the arithmetic average of 12-month price changes rounded to two decimal places, and each month is given equal weight in the calculation. The resulting index is then rounded to one decimal point, and this data is included in the publications.

The harmonized indices of consumer prices (HICPs) are not and will never be "fully" harmonised indices of consumer prices, in as much as the aim is international comparability across the EU Member States and not full harmonisation. The HICPs are not intended to replace national CPIs. All Member States are likely to continue their existing CPIs for domestic purposes.

The harmonized indices were based on existing national CPIs, but HICPs are harmonised in several methodological areas as well as coverage.

However, some difficult categories, including owner occupied dwellings, are still not covered by HICP.

The weights of HICP are based fully on the provisional macro data of National Accounts relating to the year t-2 while in previous years this data source was completed with the HBS data as well. The methodology of the weight calculation is fully in line with the recommendation of the implemented Commission Regulation (EU) No 1114/2010 which is in force from 1 January 2012. During the calculation of the weights from 2021 we also used the preliminary national accounts data already available for the first three quarters of the year t-1, following the methodological recommendations of international organizations, including Eurostat, with regard to the new corona virus epidemic. Thus, for the weights of 2024 we also used the data of the first three quarters of 2023.

Guidance on the compilation of HICP weights in case of large changes in consumer expenditures - Eurostat Methodological note

The weights should include expenditure by foreign visitors besides the expenditure by all household which takes place on the economic territory of the given country (domestic concept).

The common index reference period has been the year 2015.

In Hungary, the HICP and the national CPI are almost the same taking the view that the two indices should be as similar as possible for the sake of efficiency. The only differences are that:

in the CPI we use approximately the 'national' concept, while the HICP uses the 'domestic' concept for calculating the weights,

the HICP does not include the cost of imputed rents – which was also excluded from the CPI from 2012 – and gambling are only observable in the CPI

in case of the HICP prices for services shall be entered into the index for the month in which the consumption of the service at the observed prices can commence.

The core or underlying inflation is calculated in order to obtain the long term „core” component of the inflation by eliminating the one-shot shocks in price development from the consumer price index (CPI).

HCSO calculates this indicator from CPI according to the changes in January 2009 by eliminating the following items:

non-processed food items,

alcoholic beverages and tobacco

electricity, gas, and other fuels,

motor fuels and oils,

pharmaceutical products that are reimbursed by the social security,

services which prices are centrally determined by authorities,

imputed rents.

In the course of revising the content of the index, the scope of omitted items expanded in January 2012 and April 2021. In January 2012, the cost of imputed rents was abandoned, considering that from 2012 it is not part of the CPI either. From April 2021, the alcoholic beverages and tobacco products are excluded from the core inflation. We have modified the calculation of the core inflation mainly based on the best practices in Europe whereas the price of these products has been significantly affected in recent years by regular, statutory changes in the rate of excise duty within a year.

Due to the composition of the indicator the coverage is 65.1% of the CPI's items by their weight in 2024.

After the elimination the remaining items are proportionally re-weighted in order to obtain 100% as the sum of their weights. For core inflation both a seasonally unadjusted and a seasonally adjusted indicator are published.

The core inflation indicator is calculated on December 1994 base.

The TRAMO/SEATS software is used by the HCSO for seasonal adjustment. TRAMO/SEATS is a stochastic, completely model-based approach to decomposition, usually referred to as ARIMA-based signal extraction method.

In consequence of the feature of seasonal adjustment all earlier published seasonally adjusted data can alter monthly retrospectively in each new publication, but the revision of the adjustment model takes place only once a year.

The constant tax rate index (CTI) eliminates from the CPI the impact of changes of the most important indirect taxes (VAT, excise duties, registration taxes for new motor cars). The CTI shows that how much the CPI would be if the reference period (December of the previous year) tax rates were in force in the current observation period. The aim of the CTI's calculation is the separation of the impact of indirect tax changes within the CPI. CTI is calculated on the base of December of the previous year similarly to the CPI and the same weights are applied for the aggregation of the CTI's sub-indices.

The consumer price index for pensioners, such as the consumer price index, is a national average indicator.
During its calculation, we excluded from the coverage those products and services that cannot be related to the pensioners' actual consumption. These items are the so-called imputed rents (which is not part of the consumer price index refer to the total households since 2012) and items related to parenting, i.e. meals at schools, kindergartens as well as nurseries, children's and infant's clothing and footwear, school-books, school and stationery supplies, educational services. Beside the excluded product groups, the consumer price index for consumers also differs in its weights from the general consumer price index, because the weights reflect the consumption structure of pensioners only instead of the whole population.

Source of methodology: Methodology of Consumer Price Statistics (2000, HCSO, Budapest)

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