Prices

The development of prices influences the quantity of production and consumption, and their structure as well. Price statistics typically observe the temporal change in the price of goods put on the market, though there are spatial price indices (e.g. purchasing power parity), too. The consumer price index quantifies changes in consumer prices, differently, producer price indices observe price changes from the point of view of producers. There are also cost-based price indices (e.g. of agriculture, labour force), which show the development of production costs over time. External trade price indices provide information on the price development of goods exports and imports.

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Agricultural producer and input prices, 1st quarter 2020

Agricultural producer prices were up by 6.2% in the 1st quarter of 2020 compared to the same period of the previous year. The price rise of live animals and animal products (16%) was more substantial than that of crop products (1.2%). Cereals, potatoes and vegetables prices were reduced, the price of fruits markedly rose. The price of live animals increased by 22%, within which pig prices by 50%. There was a smaller rise in input prices (0.4%) than in producer prices, the value of agricultural terms of trade was 105.8%.

Prices increased by 2.9% in June, Consumer prices, June 2020

Consumer prices were 2.9% higher on average in June 2020 than a year earlier. Significant price increases were measured over the past year for food as well as alcoholic beverages and tobacco.

Prices of postal and courier mail activities grew in the highest degree

The services kept under observation became more expensive – by 2.0% – in the 1st quarter of 2020, however in a lesser degree year-on-year. Fees increased in the overwhelming majority of services, in the highest degree for postal and courier mail activities (by 8.9%), caused primarily by the changes in postal letter mail tariffs at the beginning of the year. Due to the rise in minimal wage cleaning, labour market services and security and investigation activites became considerably more expensive.

Industrial producer prices rise by 1.7%, Industrial producer prices, May 2020

Industrial producer prices as a whole were 1.7% higher in May 2020 than in the same period of the previous year. The development of prices was influenced by economic trends having changed owing to the corona virus epidemic, their impact was felt in money and commodity markets (among others in forint exchange rate changes and the world market prices of raw and base materials) as well.

Significant increase in fruit prices

Since July 2018, agricultural producer prices have been rising steadily. In April 2020, agricultural products became significantly (13%) more expensive than in the same period of the previous year, mainly due to higher prices for crop products (+16%) as well as live animals and animal products (+6.6%). Fruit prices rose significantly (by 74%) due to a rise in apple prices, which played a key role in sales during this period.

Turnaround in the pigs for slaughter procurement price trend

The price of pigs for slaughter decreased by 5.3% in April 2020 compared to the record level of the previous month, even so it surpassed by 21% the April 2019 level. Characteristically pigs for slaughter procurement price grew since spring 2019 due to the African swine fever epidemic, however coronavirus pandemic related marketing problems already occurred in April this year. Due to the latter procurement price for ducks for slaughter decreased by 7.3% to HUF 302 year-on-year, last time it was lower than at present occurred in December 2016.

Dissemination of European Statistics after Brexit in statistical publications

On 1 February 2020, a withdrawal agreement entered into force between the European Union and the United Kingdom (Brexit). Reducing the EU to 27 member states significantly changes aggregated (average, total, etc.) EU data. However, due to the different purposes of use, consideration should be given to the simultaneous communication of old and new aggregates, and the back-calculation of time series for the new composition is also an issue to be addressed. Taking all this into account, it is necessary to restructure the publication of EU statistics.