Manufacturing output prices down by 3 percent in January

Smaller year-on-year decrease in crude oil prices

Output prices are strongly influenced by the price of crude oil. In January, the average price of a barrel of crude stood at 72.5 euros, which was over 7 percent lower than one year previously. In December 2023, a barrel of North Sea Brent crude cost nearly 71 euros, 8 percent less than one year previously.

Year on year, prices for petroleum derivatives were down by 10.4 percent in January, while in December they were down by 8.4 percent. In the chemical industry too, output prices tend to track the price of crude oil. Output prices for chemical products were 10.9 percent lower than they were in January 2023. In December, they were down by 11.8 percent year on year.

Manufacturing output prices rose month-on-month in January

Relative to December, output prices rose by 0.7 percent in January. Prices on the export market increased by 0.6 percent, while prices on the domestic market rose by 0.9 percent.

With effect from the reporting month of January 2024, the base year for the price index has changed from 2015 to 2021. The old series (base year = 2015) can still be accessed in StatLine, but will no longer be updated.