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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The price of slaughter pigs is increasing since March, following a close to one year long decline

The decrease in slaughter pigs price, related to pandemic induced sales problems, lasting for almost one year turned into increase in March. The April 2021 price of 424 HUF was 22% lower than the previous year’s March peak, however it was 23% higher compared to the nadir of February 2021. The price of slaughter sheep significantly increased year-on-year in April (by 27%), that of geese (by 33%), honey (by 45%), the price of the large weight representing in consumption slaughter poultry grew by 9.0%.

The price of wheat and corn reached record-high values

Last time the agricultural producer price increases were higher than the January-April one of this year (13%) was in 2013 (16%). Vegetable products got 24% more expensive in January-April, within it the high international demand significantly increased the price of oil plants (+40%), corn (+37%), wheat (+34%). The price of animals and animal products lessened (-6.1%), the year-long decreasing trend in price of pigs turned in March, in April, however it still did not reach the previous year’s level.

Browse our data on the coronavirus pandemic

It is particularly important to present, in addition to our regular and detailed publications, the current situation of the areas most affected by the pandemic with flash estimates using a limited information base. Our WEEKLY MONITOR presents the economic and social impacts of the pandemic through daily, weekly and monthly updated preliminary data as a collection of interactive diagrams.

Prices increase by 5.1% in May compared to same month of previous year, Consumer prices, May 2021

Consumer prices were 5.1% higher on average in May 2021 than a year earlier. Significant price rises were measured over the last 12 months for alcoholic beverages and tobacco as well as motor fuels. In one month, consumer prices increased by 0.5% on average.

In April 2021, industrial producer prices rise by 9.8% compared to one year earlier and by 0.6% compared to previous month, Industrial producer prices, April 2021

Industrial producer prices were 9.8% higher on average in April 2021 than a year earlier. The rate of increase of prices was influenced by the weakening of the forint against the euro and by the price rise of raw and base materials. Domestic output prices were up by 11.8% and non-domestic output prices by 8.8%. Compared to the previous month, domestic output prices rose by 1.6%, non-domestic output prices by 0.1% and industrial producer prices as a whole by 0.6%.

The price increase of services slowed down in 2020

Service prices went up moderately in 2020, on average by 1.2% year-on-year, the pace of increase slowed down compared to the last two years. Prices went up for most services, however the price increase for freight transport by road and the decrease at telecommunication fees had the most significant impact on the average price changes. Altered market environment due to more strict EU regulations largely influenced the former and the EU roaming fees’ regulations the latter.

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.