Manufacturing output prices levelled off further in December

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© Hollandse Hoogte / Nederlandse Freelancers
Statistics Netherlands (CBS) reports for December 2022 that prices of Dutch-manufactured products were up by an average of 14.2 percent year on year. The price increase levelled off for the sixth consecutive month. In November, prices were 17.2 percent higher year on year.

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)
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
2022November17.2
2022December14.2

Increase in crude oil price smaller

Output prices are strongly affected by crude oil price developments. In December 2022, a barrel cost approximately 77 euros, i.e. nearly 17 percent more than one year previously. 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.

Prices of petroleum derivatives were up by 27.1 percent year on year in December; they were up by 37.9 percent in November. In the chemical industry as well, output prices are generally linked to crude oil price developments. Output prices of chemical products were 10cent higher than in December 2021. In November, prices were up by 16.6 percent year on year.

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

Producer prices manufacturing by sector*, December 2022
Category% change (year-on-year % change)
Petroleum products27.1
Food products20
Rubber and plastic13.7
Chemical products10.3
Metal products10.2
Machinery9.8
Cars7.1
Electronic products5.7
*Altogether, the eight industries referred to account for almost 80 percent of the total Dutch manufacturing industry

Manufacturing output prices fell in December

Relative to November, manufacturing output prices fell by 2.4 percent in December. Prices decreased by 2.8 percent on the export market and by 1.9 percent on the domestic market.

Index producer prices
YearMonth(2015=100) (2015=100)
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
2022October146.7
2022November143.4
2022December140