Industrial producer prices in Hungary increased by approximately 4.3 percent y-o-y in March, according to data published by the Central Statistical Office (KSH). Prices on domestic output were up on average by 1.5 percent y-o-y, with manufacturing prices jumping by 3.3 percent. Energy prices, meanwhile, fell by 1.9 percent, the data shows. Prices for industrial non-domestic output grew by 5.7 percent, with prices for manufacturing increasing by 7.1 percent and dropping by 20 percent for the energy sector.
The report emerged as Hungarian manufacturing companies scramble to keep their production afloat ahead of the coming recession and plummeting exports. The lighting producer Tungsram recently announced plans to cut the salaries of top management by 25 percent while its white-collar staff will work just four days per week until July. All bonuses have been cancelled along with a wage raise that had been schedule for April.
