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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Prices increased by 3.9% in August, Consumer prices, August 2020

Consumer prices were 3.9% higher on average in August 2020 than a year earlier. Significant price rises were measured over the past year for food as well as alcoholic beverages and tobacco.

Industrial producer prices rise by 3.4%, Industrial producer prices, July 2020

Industrial producer prices as a whole were 3.4% higher in July 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 still felt in money and commodity markets (among others in forint exchange rate changes and the world market prices of raw and base materials).

Rate of increase of agricultural producer prices decelerates further in May

The 12-month rate of increase of agricultural producer prices accelerated in the first three months of 2020 and decelerated from April. The price rise of 7.1% in May was owing to an 11% increase in crop product prices, since the price of live animals and animal products lessened by 0.4%. The price of wheat was 3.9% lower and that of maize 3.0% higher out of the main cereals than in May 2019. Oil-seed crops became 20% more expensive over the past year, within which a relatively significant price rise was measured for sunflower.

Procurement price of pigs for slaughter further cut in May

The May 2020 procurement price of pigs for slaughter was cut by 3.3% compared to a year earlier and by 15% compared to the previous month. This was among others owing to the declining turnover of restaurants and hotels, which was one of the consequences of the measures introduced in many European countries to contain the spread of the epidemic. For major poultry breeds, procurement prices also lessened compared to one year earlier except for turkeys for slaughter. Honey prices substantially rose.

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 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.

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.