Manufacturing output prices almost 28 percent up in July

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 smaller

Output prices are strongly affected by crude oil price developments. In July, the average price of a barrel of North Sea Brent oil stood at approximately 102 euros, i.e. over 62 percent more than in the same month last year. In June 2022, a barrel cost over 110 euros, i.e. approximately 81 percent more than one year previously.

Prices of petroleum derivatives were up by 94.3 percent year on year in July; they were up by 121.5 percent in June. In the chemical industry as well, output prices are generally linked to crude oil price developments. Output prices of chemical products were 37.5 percent higher than in July 2021. In June, prices were up by 39.3 percent year on year.

In July 2022, prices were up in all manufacturing industries.

Manufacturing output prices virtually unchanged in July

Relative to June, manufacturing output prices fell by 0.1 percent in July. Prices increased by 0.3 percent on the domestic market, but fell by 0.4 percent on the export market. Output prices have been rising sharply since the end of 2020.