Manufacturing output prices almost 21 percent up in October

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 October 2022, a barrel cost over 95 euros, i.e. approximately 32 percent more than one year previously. In September, the average price of a barrel of North Sea Brent oil stood at approximately 91 euros, i.e. almost 43 percent more than in the same month last year.

Prices of petroleum derivatives were up by 52.7 percent year on year in October; they were up by 63.6 percent in September. In the chemical industry as well, output prices are generally linked to crude oil price developments. Output prices of chemical products were 24.3 percent higher than in October 2021. In September, prices were up by 29.3 percent year on year.

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

Manufacturing output prices rose in October

Relative to September, manufacturing output prices rose by 1.3 percent in September. Prices increased by 1.5 percent on the export market and by 0.9 percent on the domestic market.