Manufacturing output prices almost 25 percent up in August

30/09/2022 15:00

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Statistics Netherlands (CBS) reports for August 2022 that prices of Dutch-manufactured products were up by an average of 24.6 percent year on year. The increase is again smaller than in the previous month. In July prices were 28 percent higher. The price hikes are mainly due to surging costs of energy, raw materials and transport.

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.

Producer prices
Year	Month	change (year-on-year % change)
2018	September	4.8
2018	October	5.3
2018	November	2.7
2018	December	0.6
2019	January	1
2019	February	2.1
2019	March	2.6
2019	April	3.3
2019	May	2
2019	June	0.4
2019	July	0.1
2019	August	-0.8
2019	September	-0.7
2019	October	-1.5
2019	November	0.2
2019	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
2022	May	28.8
2022	June	30.3
2022	July	28
2022	August	24.6

Producer prices
Year	Month	change (year-on-year % change)
2018	September	4.8
2018	October	5.3
2018	November	2.7
2018	December	0.6
2019	January	1
2019	February	2.1
2019	March	2.6
2019	April	3.3
2019	May	2
2019	June	0.4
2019	July	0.1
2019	August	-0.8
2019	September	-0.7
2019	October	-1.5
2019	November	0.2
2019	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
2022	May	28.8
2022	June	30.3
2022	July	28
2022	August	24.6

Increase in crude oil price virtually the same

Output prices are strongly affected by crude oil price developments. In August 2022, a barrel cost over 96 euros, i.e. approximately 61 percent more than one year previously. In July, the average price of a barrel of North Sea Brent oil stood at approximately 102 euros, i.e. over 62 percent more than in the same month last year.

Prices of petroleum derivatives were up by 81.9 percent year on year in August; they were up by 94.4 percent in July. In the chemical industry as well, output prices are generally linked to crude oil price developments. Output prices of chemical products were 28.1 percent higher than in August 2021. In July, prices were up by 38.1 percent year on year.

In August 2022, prices were up in all manufacturing industries.

Producer prices manufacturing by sector*, August 2022
Category	% change (year-on-year % change)
Petroleum products	81.9
Chemical products	28.1
Food products	22.1
Metal products	17.9
Rubber and plastic	17.9
Machinery	8
Electronic products	6.8
Cars	6.3

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

Producer prices manufacturing by sector*, August 2022
Category	% change (year-on-year % change)
Petroleum products	81.9
Chemical products	28.1
Food products	22.1
Metal products	17.9
Rubber and plastic	17.9
Machinery	8
Electronic products	6.8
Cars	6.3

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

Manufacturing output prices fell in August

Relative to July, manufacturing output prices fell by 1.7 percent in August. Prices decreased by 1.7 percent on both the domestic market and the export market.

Index producer prices
Year	Month	(2015=100) (2015=100)
2018	September	107.1
2018	October	107.7
2018	November	105.9
2018	December	103.7
2019	January	104.7
2019	February	105.3
2019	March	106.2
2019	April	107.7
2019	May	107.9
2019	June	106.5
2019	July	106.3
2019	August	105.5
2019	September	106.1
2019	October	106
2019	November	106.1
2019	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	143.5
2022	May	144.9
2022	June	147.6
2022	July	147.8
2022	August	145.2

Index producer prices
Year	Month	(2015=100) (2015=100)
2018	September	107.1
2018	October	107.7
2018	November	105.9
2018	December	103.7
2019	January	104.7
2019	February	105.3
2019	March	106.2
2019	April	107.7
2019	May	107.9
2019	June	106.5
2019	July	106.3
2019	August	105.5
2019	September	106.1
2019	October	106
2019	November	106.1
2019	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	143.5
2022	May	144.9
2022	June	147.6
2022	July	147.8
2022	August	145.2

Sources

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

Increase in crude oil price virtually the same

Manufacturing output prices fell in August

Sources

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