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Sunday, November 02, 2008

Hungarian Producer Prices Maintain their Inflationary Dynamic

Despite the very rapid slowdown in the Hungarian economy, producer prices continue to head stubbornly upwards Industrial domestic prices were up by 0.3% in September over August and were 12.8% higher than in September 2007. Export producer (as measured in HUF) increased by 1.9% on August and decreased by 1.3% compared to September 2007. Combined domestic and export producer prices were up 1.2% on the month and 4.7% year on year.

In September 2008 the highest monthly price increase was in the manufacture of leather and leather products (1.3%), due to a monthly price hike of 3.1% in the manufacture of footwear. There was a 1.2% monthly price rise in the manufacture of chemicals, chemical products and man-made fibres, which were affected by a further price rise of basic chemicals. The manufacture of refined petroleum products prices were up by 0.9% on a monthly basis.

Price decreases took place in the food industry, the textile industry, in the manufacture of machinery and equipment (0.4%), in wood and wood products (0.3%) and fabricated metal products (0.2%).

In other sectors price increases ranged between 0.1% and 0.8%. The prices of electricity, gas and wate supply, which have a considerable influence on domestic sales prices, rose by 0.3% in September, the same rate as in August, largely due to price increases in the production and distribution of electricity (by 0.7%).

Compared to September 2007, the highest domestic sales price increases in manufacturing industry was in the manufacture of refined petroleum products (31.9%). The price of manufacturing fabricated metal products rose by 12.5%, while prices of manufacturing chemicals, chemical products and man made fibres were up by 10.4%.

Prices were down in the manufacture of textiles and textile products (2.5%) and in the manufacture of wood and wood products (0.8%). The prices of electricity, gas and water supply were up by 19.2% year on year.

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