Increase in manufacturing output prices again smaller in March

26/04/2023 15:00

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Statistics Netherlands (CBS) reports for March 2023 that prices of Dutch-manufactured products were up by an average of 1.9 percent year on year. In February, prices were 8.3 percent higher than one year previously. Since July 2022, the increase in output prices has levelled off continuously.

Producer prices
Year	Month	change (year-on-year % change)
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	20.8
2022	November	17.1
2022	December	14.1
2023	January	11.4
2023	February	8.3
2023	March	1.9

Producer prices
Year	Month	change (year-on-year % change)
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	20.8
2022	November	17.1
2022	December	14.1
2023	January	11.4
2023	February	8.3
2023	March	1.9

Larger decrease in crude oil price

Output prices are strongly affected by crude oil price developments. In March, the average price of a barrel stood at approximately 74 euros, i.e. 27 percent less than in the same month last year. In February 2023, a barrel of North Sea Brent oil cost approximately 78 euros, nearly 6 percent less than one year previously.

Prices of petroleum derivatives were down by 21.2 percent year on year in March; they were up by 5.6 percent in February. In the chemical industry as well, output prices are generally linked to crude oil price developments. Output prices of chemical products were 4.3 percent lower than in March 2022. In February, they were up by 1.0 percent year on year.

In March, prices were up in most manufacturing industries.

Producer prices manufacturing by sector*, March 2023
Category	% change (year-on-year % change)
Food products	12.1
Cars	8.7
Rubber and plastic	7.8
Machinery	7.2
Metal products	5.9
Electronic products	5.7
Chemical products	-4.3
Petroleum products	-21.2

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

Producer prices manufacturing by sector*, March 2023
Category	% change (year-on-year % change)
Food products	12.1
Cars	8.7
Rubber and plastic	7.8
Machinery	7.2
Metal products	5.9
Electronic products	5.7
Chemical products	-4.3
Petroleum products	-21.2

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

Manufacturing output prices fell in March

Relative to February, manufacturing output prices fell by 0.8 percent in March. Prices decreased by 1.0 percent on the export market and by 0.5 percent on the domestic market.

Index producer prices
Year	Month	(2015=100) (2015=100)
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	146.6
2022	November	143.3
2022	December	139.9
2023	January	142.4
2023	February	141.6
2023	March	140.6

Index producer prices
Year	Month	(2015=100) (2015=100)
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	146.6
2022	November	143.3
2022	December	139.9
2023	January	142.4
2023	February	141.6
2023	March	140.6

Sources

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

Larger decrease in crude oil price

Manufacturing output prices fell in March

Sources

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