Manufacturing output prices almost 23 percent up in September

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 smaller

Output prices are strongly affected by crude oil price developments. In September, the average price of a barrel of North Sea Brent oil stood at approximately 91 euros, i.e. almost 43 percent more than in the same month last year. In August 2022, a barrel cost over 96 euros, i.e. approximately 61 percent more than one year previously.

Prices of petroleum derivatives were up by 63.6 percent year on year in September; they were up by 82.0 percent in August. In the chemical industry as well, output prices are generally linked to crude oil price developments. Output prices of chemical products were 28.3 percent higher than in September 2021. In August, prices were up by 30.1 percent year on year.

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

Manufacturing output prices fell in September

Relative to August, manufacturing output prices fell by 0.8 percent in September. Prices decreased by 1.1 percent on the export market and by 0.4 percent on the domestic market.