Manufacturing output prices over 4 percent down in November

29/12/2023 15:00

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Statistics Netherlands (CBS) reports that output prices of Dutch-manufactured products were on average 4.2 percent lower in November relative to one year previously. In October, the price drop was 5.3 percent year on year.

Producer prices
Year	Month	change (year-on-year % change)
	December	2.9
2020	January	2.2
2020	February	0.9
2020	March	-3.8
2020	April	-8
2020	May	-7.8
2020	June	-5.5
2020	July	-4.8
2020	August	-4.2
2020	September	-5.3
2020	October	-5
2020	November	-4.6
2020	December	-4.1
2021	January	-1.8
2021	February	0.9
2021	March	7.1
2021	April	12.3
2021	May	13.1
2021	June	12.6
2021	July	14.1
2021	August	15.2
2021	September	17.1
2021	October	20.5
2021	November	20.9
2021	December	19.8
2022	January	21.7
2022	February	22
2022	March	26.1
2022	April	29.1
2022	May	29
2022	June	30.5
2022	July	28.3
2022	August	25.2
2022	September	23.1
2022	October	20.8
2022	November	17.1
2022	December	14.1
2023	January	11.4
2023	February	8.2
2023	March	1.6
2023	April	-2.6
2023	May	-5.2
2023	June	-7.2
2023	July	-7.8
2023	August	-5.1
2023	September	-3.2
2023	October	-5.3
2023	November	-4.2

Producer prices
Year	Month	change (year-on-year % change)
	December	2.9
2020	January	2.2
2020	February	0.9
2020	March	-3.8
2020	April	-8
2020	May	-7.8
2020	June	-5.5
2020	July	-4.8
2020	August	-4.2
2020	September	-5.3
2020	October	-5
2020	November	-4.6
2020	December	-4.1
2021	January	-1.8
2021	February	0.9
2021	March	7.1
2021	April	12.3
2021	May	13.1
2021	June	12.6
2021	July	14.1
2021	August	15.2
2021	September	17.1
2021	October	20.5
2021	November	20.9
2021	December	19.8
2022	January	21.7
2022	February	22
2022	March	26.1
2022	April	29.1
2022	May	29
2022	June	30.5
2022	July	28.3
2022	August	25.2
2022	September	23.1
2022	October	20.8
2022	November	17.1
2022	December	14.1
2023	January	11.4
2023	February	8.2
2023	March	1.6
2023	April	-2.6
2023	May	-5.2
2023	June	-7.2
2023	July	-7.8
2023	August	-5.1
2023	September	-3.2
2023	October	-5.3
2023	November	-4.2

Larger year-on-year decrease in crude oil prices

Output prices are strongly affected by crude oil price developments. In November, the average price of a barrel stood at 76 euros, i.e. 15 percent less than in the same month last year. In October 2023, a barrel of North Sea Brent oil cost nearly 84 euros, 12 percent less than one year previously.

In November, prices of petroleum derivatives were down by 12.9 percent year on year, while in October they were 17.3 percent lower than one year previously. In the chemical industry as well, output prices are generally linked to crude oil price developments. Output prices of chemical products were 15.2 percent lower than they were in November 2022. In October, they were down by 16.3 percent year on year.

Producer prices manufacturing by sector*, November 2023
Category	% change (year-on-year % change)
Machinery	3.3
Cars	2.7
Electronic products	1.2
Food products	0.7
Rubber and plastic	-1.3
Metal products	-4.3
Petroleum products	-12.9
Chemical products	-15.2

*Altogether, the eight industries referred to account for almost 80 percent of the total Dutch manufacturing industry

Producer prices manufacturing by sector*, November 2023
Category	% change (year-on-year % change)
Machinery	3.3
Cars	2.7
Electronic products	1.2
Food products	0.7
Rubber and plastic	-1.3
Metal products	-4.3
Petroleum products	-12.9
Chemical products	-15.2

*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, output prices fell by 1.2 percent in November. Prices on the export market decreased by 1.6 percent, while prices on the domestic market decreased by 0.8 percent.

Index producer prices
Year	Month	(2015=100) (2015=100)
	December	106.7
2020	January	107
2020	February	106.3
2020	March	102.2
2020	April	99.1
2020	May	99.4
2020	June	100.6
2020	July	101.2
2020	August	101.1
2020	September	100.5
2020	October	100.8
2020	November	101.2
2020	December	102.3
2021	January	105
2021	February	107.2
2021	March	109.4
2021	April	111.2
2021	May	112.5
2021	June	113.3
2021	July	115.5
2021	August	116.5
2021	September	117.7
2021	October	121.4
2021	November	122.4
2021	December	122.6
2022	January	127.8
2022	February	130.7
2022	March	137.9
2022	April	143.6
2022	May	145.1
2022	June	147.8
2022	July	148.1
2022	August	145.9
2022	September	144.9
2022	October	146.6
2022	November	143.3
2022	December	139.9
2023	January	142.4
2023	February	141.4
2023	March	140.2
2023	April	139.9
2023	May	137.6
2023	June	137.2
2023	July	136.6
2023	August	138.4
2023	September	140.3
2023	October	138.9
2023	November	137.2

Index producer prices
Year	Month	(2015=100) (2015=100)
	December	106.7
2020	January	107
2020	February	106.3
2020	March	102.2
2020	April	99.1
2020	May	99.4
2020	June	100.6
2020	July	101.2
2020	August	101.1
2020	September	100.5
2020	October	100.8
2020	November	101.2
2020	December	102.3
2021	January	105
2021	February	107.2
2021	March	109.4
2021	April	111.2
2021	May	112.5
2021	June	113.3
2021	July	115.5
2021	August	116.5
2021	September	117.7
2021	October	121.4
2021	November	122.4
2021	December	122.6
2022	January	127.8
2022	February	130.7
2022	March	137.9
2022	April	143.6
2022	May	145.1
2022	June	147.8
2022	July	148.1
2022	August	145.9
2022	September	144.9
2022	October	146.6
2022	November	143.3
2022	December	139.9
2023	January	142.4
2023	February	141.4
2023	March	140.2
2023	April	139.9
2023	May	137.6
2023	June	137.2
2023	July	136.6
2023	August	138.4
2023	September	140.3
2023	October	138.9
2023	November	137.2

Sources

StatLine - Producer Price Index (PPI); output and importprices by product, 2015=100

Larger year-on-year decrease in crude oil prices

Manufacturing output prices fell in November

Sources

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