Manufacturing output prices over 17 percent up in November

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 November, the average price of a barrel of North Sea Brent oil stood at approximately 89 euros, i.e. over 26 percent more than in the same month last year. In October 2022, a barrel cost over 95 euros, i.e. approximately 32 percent more than one year previously.

Prices of petroleum derivatives were up by 38.2 percent year on year in November; they were up by 52.6 percent in October. In the chemical industry as well, output prices are generally linked to crude oil price developments. Output prices of chemical products were 16.4 percent higher than in November 2021. In October, prices were up by 24.2 percent year on year.

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

Manufacturing output prices fell in November

Relative to October, manufacturing output prices fell by 2.2 percent in November. Prices decreased by 2.8 percent on the export market and by 1.6 percent on the domestic market.