Manufacturing output prices over 30 percent up in June

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.

Increase in crude oil price less substantial

Output prices are strongly affected by crude oil price developments. In June 2022, the average price of a barrel of North Sea Brent oil stood at more than 110 euros, i.e. over 81 percent more than in the same month last year. In May 2022, a barrel cost approximately 105 euros, i.e. nearly 88 percent more than one year previously.

Prices of petroleum derivatives were up by 121.2 percent year on year in June; they were up by 106.1 percent in May. In the chemical industry as well, output prices are generally linked to crude oil price developments. Output prices of chemical products were 39.1 percent higher than in June 2021. In May, prices were up by 39.5 percent year on year.

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

Manufacturing output prices up in June

Relative to May, manufacturing output prices rose by 2.0 percent in June: by 1.3 percent on the domestic market and by 2.5 percent on the export market. Output prices have been rising sharply since the end of 2020.