Manufacturing output prices almost 29 percent up in May

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Statistics Netherlands (CBS) reports for May 2022 that prices of Dutch-manufactured products were up by an average of 28.8 percent year on year. The rise is virtually the same as in the previous month, when the largest increase since the start of the statistic in its current form in 1981 was measured. The price hikes are mainly due to surging energy and transport costs.

Since July 2021, the increase in manufacturing output prices has been unprecedented. The war in Ukraine has put additional pressure on prices, on top of the price increases due to the rapid economic recovery immediately following the coronavirus crisis.

Producer prices
YearMonthchange (year-on-year % change)
2018June5
2018July5.4
2018August5.2
2018September4.8
2018October5.3
2018November2.7
2018December0.6
2019January1
2019February2.1
2019March2.6
2019April3.3
2019May2
2019June0.4
2019July0.1
2019August-0.8
2019September-0.7
2019October-1.5
2019November0.2
2019December2.9
2020January2.2
2020February0.9
2020March-3.8
2020April-8
2020May-7.8
2020June-5.5
2020July-4.8
2020August-4.2
2020September-5.3
2020October-5
2020November-4.6
2020December-4.1
2021January-1.8
2021February0.9
2021March7.1
2021April12.3
2021May13.1
2021June12.6
2021July14.1
2021August15.2
2021September17.1
2021October20.5
2021November20.9
2021December19.8
2022January21.7
2022February22
2022March26
2022April28.9
2022May28.8

Increase in crude oil price higher

Output prices are strongly affected by crude oil price developments. In May, the average price of a barrel of North Sea Brent oil stood at approximately 105 euros, i.e. almost 88 percent more than in the same month last year. In April 2022, a barrel cost slightly less than 98 euros, i.e. approximately 80 percent more than one year previously.

Prices of petroleum derivatives were up by 107.5 percent year on year in May; they were up by 108.6 percent in April. In the chemical industry as well, output prices are generally linked to crude oil price developments. Output prices of chemical products were 39.2 percent higher than in May 2021. In April, prices were up by 43.9 percent year on year.

In May 2022, prices were up in virtually all manufacturing industries.

Producer prices manufacturing by sector*, May 2022
Category% change (year-on-year % change)
Petroleum products107.5
Chemical products39.2
Food products22.5
Rubber and plastic18.9
Metal products18.8
Machinery6.5
Electronic products6.1
Cars2.9
*Altogether, the eight industries referred to account for almost 80 percent of the total Dutch manufacturing industry

Manufacturing output prices up in May

Relative to April, manufacturing output prices rose by 1.1 percent in May: by 1.2 percent on the domestic market and by 1.0 percent on the export market. Output prices have been rising sharply since the end of 2020.

Index producer prices
YearMonth(2015=100) (2015=100)
2018June106.1
2018July106.2
2018August106.4
2018September107.1
2018October107.7
2018November105.9
2018December103.7
2019January104.7
2019February105.3
2019March106.2
2019April107.7
2019May107.9
2019June106.5
2019July106.3
2019August105.5
2019September106.1
2019October106
2019November106.1
2019December106.7
2020January107
2020February106.3
2020March102.2
2020April99.1
2020May99.4
2020June100.6
2020July101.2
2020August101.1
2020September100.5
2020October100.8
2020November101.2
2020December102.3
2021January105
2021February107.2
2021March109.4
2021April111.2
2021May112.5
2021June113.3
2021July115.5
2021August116.5
2021September117.7
2021October121.4
2021November122.4
2021December122.6
2022January127.8
2022February130.7
2022March137.8
2022April143.4
2022May145