Manufacturing output prices almost 26 percent up in March

The increase in the output prices of the manufacturing industry has been unprecedented since July 2021. In March 2022, the war in Ukraine plays a role for the first time. The effects of this war come on top of the price increases that arose due to the rapid economic recovery immediately following the coronavirus crisis.

Larger increase in crude oil price

Output prices are strongly affected by crude oil price developments. The price of crude oil was approximately 101 euros on average in March, i.e. over 83 percent higher than in the same month last year. In February 2022, a barrel of North Sea Brent oil cost almost 83 euros, i.e. approximately 61 percent more than one year previously.

In March, prices of petroleum derivatives were up by 106.1 percent year on year; they were up by 67.2 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 38.5 percent higher in March than in the same month of the previous year. In February, prices were up by 43.4 percent year on year.

Prices in almost all of the manufacturing industries increased year on year in March 2022.

Prices of manufactured products rose in March

Relative to February, manufacturing output prices rose by 5.3 percent in March. This is the strongest month-on-month increase since the start of the statistics in their current form in 1981. Prices increased by 4.1 percent on the domestic market and by 6.3 percent on the export market. Output prices have been rising sharply since the end of 2020.