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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Our WEEKLY MONITOR provides insights into trends in key areas through weekly, monthly and quarterly data from our interactive chart collection.
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Prices increase by 7.4% in December and by 5.1% on average in 2021, Consumer prices, December 2021, year 2021

Consumer prices were 7.4% higher on average in December 2021 than a year earlier. The highest price rises over the last 12 months were measured for motor fuels as well as alcoholic beverages and tobacco. Consumer prices increased by 0.3% on average in one month and rose by 5.1% on average in 2021 compared to the previous year.

The price increase of services speeded up in the 3rd quarter

The pace of services’ price increase during the 2nd quarter of 2020 and 2nd quarter of 2021 period lessened, however one had to pay 1.6% more for these in the 3rd quarter of 2021 than a year earlier. Food services’ (6.5%) and real estate ones’ (3.2%) price hike as well as the drop in telecommunication fees (-6.1%) had the greatest impact on the average price change.

In November 2021, industrial producer prices increase by 21.6% compared to one year earlier and by 2.7% compared to previous month, Industrial producer prices, November 2021

Industrial producer prices were 21.6% higher on average in November 2021 than a year earlier. The rate of increase of prices was influenced principally by the price rise of raw and base materials as well as motor fuels. Domestic output prices rose by 31.2% and non-domestic output prices by 16.8%. Compared to the previous month, domestic output prices were up by 4.0% and non-domestic output prices by 2.0%, so industrial producer prices as a whole by 2.7%.

Hungary, 2021 Q2

The performance of the Hungarian economy surpassed in the 1st semester of 2021 the previous year’s low base by 7.6% and it was slightly (by 1.2%) higher than two years ago. Industry was the main driving force, its gross added value grew by 19% compared to the 1st half of 2020, contributing to the GDP increase by 3.9 percentage points. On the expenditure side the growth has been facilitated mostly by the external trade (by 4.1 percentage points),within it mainly by the trade in goods.

Procurement price of poultry at multi-year record

The price of poultry for slaughter, representing a large weight in consumption, reached a multi-year record (337 forints) in Hungary after a half-year rise. The two-digit price rise compared to July of the previous year was observed for all types of poultry. The procurement price of pigs for slaughter (408 forints) was similar in July to that in the same period of the previous year, the last time it was lower than in July was this February, primarily owing to a decrease in demand caused by the weakening market in China.

Marked rise in agricultural product prices

The monthly rise in agricultural producer prices compared to the same period of the previous year was of two digits in Hungary from the beginning of 2021, reaching 21% in July. This resulted from a rise in crop product prices, which was 28% in July and 24% in January–July. The price of cereals was 31% and that of oilseeds 54% higher in July than one year earlier. At the same time, animal and animal product prices were unchanged in January–July, although the price of pigs for slaughter was reduced.

Rise in consumer prices slows down in 2020

Inflation increased from 2016, which trend stopped in 2020, when consumer prices were 3.3% higher on average than a year earlier. The price of other goods, including motor fuels, was reduced, clothing and footwear prices were unchanged, and the price of the other main groups of expenditure went up at varying rates. The price rise of alcoholic beverages and tobacco, electricity, gas and other fuels as well as services was lower and that of food and consumer durables higher in 2020 than in 2019.