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.
|Year||Month||change (year-on-year % change)|
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.
|Category||% change (year-on-year % change)|
|Rubber and plastic||17.9|
|*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.