Manufacturing output prices levelled off further in December

30/01/2023 15:00

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Statistics Netherlands (CBS) reports for December 2022 that prices of Dutch-manufactured products were up by an average of 14.2 percent year on year. The price increase levelled off for the sixth consecutive month. In November, prices were 17.2 percent higher year on year.

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)
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	29.1
2022	May	29
2022	June	30.5
2022	July	28.3
2022	August	25.2
2022	September	23.1
2022	October	20.9
2022	November	17.2
2022	December	14.2

Producer prices
Year	Month	change (year-on-year % change)
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	29.1
2022	May	29
2022	June	30.5
2022	July	28.3
2022	August	25.2
2022	September	23.1
2022	October	20.9
2022	November	17.2
2022	December	14.2

Increase in crude oil price smaller

Output prices are strongly affected by crude oil price developments. In December 2022, a barrel cost approximately 77 euros, i.e. nearly 17 percent more than one year previously. In November, the average price of a barrel of North Sea Brent oil stood at approximately 89 euros, i.e. over 26 percent more than in the same month last year.

Prices of petroleum derivatives were up by 27.1 percent year on year in December; they were up by 37.9 percent in November. In the chemical industry as well, output prices are generally linked to crude oil price developments. Output prices of chemical products were 10cent higher than in December 2021. In November, prices were up by 16.6 percent year on year.

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

Producer prices manufacturing by sector*, December 2022
Category	% change (year-on-year % change)
Petroleum products	27.1
Food products	20
Rubber and plastic	13.7
Chemical products	10.3
Metal products	10.2
Machinery	9.8
Cars	7.1
Electronic products	5.7

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

Producer prices manufacturing by sector*, December 2022
Category	% change (year-on-year % change)
Petroleum products	27.1
Food products	20
Rubber and plastic	13.7
Chemical products	10.3
Metal products	10.2
Machinery	9.8
Cars	7.1
Electronic products	5.7

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

Manufacturing output prices fell in December

Relative to November, manufacturing output prices fell by 2.4 percent in December. Prices decreased by 2.8 percent on the export market and by 1.9 percent on the domestic market.

Index producer prices
Year	Month	(2015=100) (2015=100)
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	143.6
2022	May	145.1
2022	June	147.8
2022	July	148.1
2022	August	145.9
2022	September	144.9
2022	October	146.7
2022	November	143.4
2022	December	140

Index producer prices
Year	Month	(2015=100) (2015=100)
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	143.6
2022	May	145.1
2022	June	147.8
2022	July	148.1
2022	August	145.9
2022	September	144.9
2022	October	146.7
2022	November	143.4
2022	December	140

Sources

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

Increase in crude oil price smaller

Manufacturing output prices fell in December

Sources

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