Manufacturing output prices over 17 percent up in November

© ANP / Berlinda van Dam
Statistics Netherlands (CBS) reports for November 2022 that prices of Dutch-manufactured products were up by an average of 17.3 percent year on year. The price increase levelled off for the fifth consecutive month. In October, prices were 20.9 percent higher year on year. The price hikes were 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)
December0.6
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
2022April29.1
2022May29
2022June30.5
2022July28.3
2022August25.2
2022September23.1
2022October20.9
2022November17.3

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.

Producer prices manufacturing by sector*, November 2022
Category% change (year-on-year % change)
Petroleum products38.2
Food products21.3
Chemical products16.4
Rubber and plastic14.1
Metal products11.8
Machinery9.9
Cars7.1
Electronic products6.9
*Altogether, the eight industries referred to account for almost 80 percent of the total Dutch manufacturing industry

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.

Index producer prices
YearMonth(2015=100) (2015=100)
December103.7
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
2022April143.6
2022May145.1
2022June147.8
2022July148.1
2022August145.9
2022September144.9
2022October146.8
2022November143.5