Manufacturing output prices almost 29 percent up in May

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

Increase in crude oil price higher

Output prices are strongly affected by crude oil price developments. In May, the average price of a barrel of North Sea Brent oil stood at approximately 105 euros, i.e. almost 88 percent more than in the same month last year. In April 2022, a barrel cost slightly less than 98 euros, i.e. approximately 80 percent more than one year previously.

Prices of petroleum derivatives were up by 107.5 percent year on year in May; they were up by 108.6 percent in April. In the chemical industry as well, output prices are generally linked to crude oil price developments. Output prices of chemical products were 39.2 percent higher than in May 2021. In April, prices were up by 43.9 percent year on year.

In May 2022, prices were up in virtually all manufacturing industries.

Manufacturing output prices up in May

Relative to April, manufacturing output prices rose by 1.1 percent in May: by 1.2 percent on the domestic market and by 1.0 percent on the export market. Output prices have been rising sharply since the end of 2020.