Manufacturing output prices almost 25 percent up in August

© ANP / Frank Muller / Zorginbeeld
Statistics Netherlands (CBS) reports for August 2022 that prices of Dutch-manufactured products were up by an average of 24.6 percent year on year. The increase is again smaller than in the previous month. In July prices were 28 percent higher. The price hikes are mainly due to surging costs of energy, raw materials and transport.

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)
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
2022March26.1
2022April29
2022May28.8
2022June30.3
2022July28
2022August24.6

Increase in crude oil price virtually the same

Output prices are strongly affected by crude oil price developments. In August 2022, a barrel cost over 96 euros, i.e. approximately 61 percent more than one year previously. 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.

Prices of petroleum derivatives were up by 81.9 percent year on year in August; they were up by 94.4 percent in July. In the chemical industry as well, output prices are generally linked to crude oil price developments. Output prices of chemical products were 28.1 percent higher than in August 2021. In July, prices were up by 38.1 percent year on year.

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

Producer prices manufacturing by sector*, August 2022
Category% change (year-on-year % change)
Petroleum products81.9
Chemical products28.1
Food products22.1
Metal products17.9
Rubber and plastic17.9
Machinery8
Electronic products6.8
Cars6.3
*Altogether, the eight industries referred to account for almost 80 percent of the total Dutch manufacturing industry

Manufacturing output prices fell in August

Relative to July, manufacturing output prices fell by 1.7 percent in August. Prices decreased by 1.7 percent on both the domestic market and the export market.

Index producer prices
YearMonth(2015=100) (2015=100)
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
2022March137.9
2022April143.5
2022May144.9
2022June147.6
2022July147.8
2022August145.2