Increase in manufacturing output prices again smaller in March

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© ANP / Rob Engelaar
Statistics Netherlands (CBS) reports for March 2023 that prices of Dutch-manufactured products were up by an average of 1.9 percent year on year. In February, prices were 8.3 percent higher than one year previously. Since July 2022, the increase in output prices has levelled off continuously.

Producer prices
YearMonthchange (year-on-year % change)
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
2022October20.8
2022November17.1
2022December14.1
2023January11.4
2023February8.3
2023March1.9

Larger decrease in crude oil price

Output prices are strongly affected by crude oil price developments. In March, the average price of a barrel stood at approximately 74 euros, i.e. 27 percent less than in the same month last year. In February 2023, a barrel of North Sea Brent oil cost approximately 78 euros, nearly 6 percent less than one year previously.

Prices of petroleum derivatives were down by 21.2 percent year on year in March; they were up by 5.6 percent in February. In the chemical industry as well, output prices are generally linked to crude oil price developments. Output prices of chemical products were 4.3 percent lower than in March 2022. In February, they were up by 1.0 percent year on year.

In March, prices were up in most manufacturing industries.

Producer prices manufacturing by sector*, March 2023
Category% change (year-on-year % change)
Food products12.1
Cars8.7
Rubber and plastic7.8
Machinery7.2
Metal products5.9
Electronic products5.7
Chemical products-4.3
Petroleum products-21.2
*Altogether, the eight industries referred to account for almost 80 percent of the total Dutch manufacturing industry

Manufacturing output prices fell in March

Relative to February, manufacturing output prices fell by 0.8 percent in March. Prices decreased by 1.0 percent on the export market and by 0.5 percent on the domestic market.

Index producer prices
YearMonth(2015=100) (2015=100)
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
2022October146.6
2022November143.3
2022December139.9
2023January142.4
2023February141.6
2023March140.6