Manufacturing output prices 29 percent up in April

The increase in the output prices of the manufacturing industry has been unprecedented since July 2021. In recent months, the war in Ukraine has put additional pressure on prices, on top of the price increases that arose due to the rapid economic recovery immediately following the coronavirus crisis.

Increase in crude oil price virtually the same

Output prices are strongly affected by crude oil price developments. In April 2022, a barrel of North Sea Brent oil cost almost 98 euros, i.e. approximately 80 percent more than one year previously. 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 April, prices of petroleum derivatives were up by 108.6 percent year on year; they were up by 106.1 percent in March. In the chemical industry as well, output prices are generally linked to crude oil price developments. Output prices of chemical products were 45.0 percent higher in April than in the same month of the previous year. In March, prices were up by 39.2 percent year on year.

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

Prices of manufactured products rose in April

Relative to March, manufacturing output prices rose by 4.1 percent in April. Prices increased by 4.0 percent on the domestic market and by 4.1 percent on the export market. Output prices have been rising sharply since the end of 2020.