Manufacturing output prices over 5 percent down in August

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Statistics Netherlands (CBS) reports for August 2023 that prices of Dutch-manufactured products were down by an average of 5.1 percent year on year. In July, prices were 7.7 percent lower than one year previously.

Producer prices
YearMonthchange (year-on-year % change)
2019September-0.7
2019October-1.5
2019November0.2
2019December2.9
2020January2.2
2020February0.9
2020March-3.8
2020April-8
2020May-7.8
2020June-5.5
2020July-4.8
2020August-4.2
2020September-5.3
2020October-5
2020November-4.6
2020December-4.1
2021January-1.8
2021February0.9
2021March7.1
2021April12.3
2021May13.1
2021June12.6
2021July14.1
2021August15.2
2021September17.1
2021October20.5
2021November20.9
2021December19.8
2022January21.7
2022February22
2022March26.1
2022April29.1
2022May29
2022June30.5
2022July28.3
2022August25.2
2022September23.1
2022October20.8
2022November17.1
2022December14.1
2023January11.4
2023February8.2
2023March1.6
2023April-2.5
2023May-5.2
2023June-7.2
2023July-7.7
2023August-5.1

Smaller year-on-year decrease in crude oil price

Output prices are strongly affected by crude oil price developments. In August 2023, a barrel of North Sea Brent oil cost 78 euros, over 19 percent less than one year previously. In July, the average price of a barrel stood at more than 72 euros, i.e. 29 percent less than in the same month last year.

Prices of petroleum derivatives were down by 15.1 percent year on year in August; they were down by 28.3 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 19.7 percent lower than in August 2022. In July, they were down by 22.7 percent year on year.

Producer prices manufacturing by sector*, August 2023
Category% change (year-on-year % change)
Cars4.5
Machinery4
Electronic products1.9
Food products1.6
Rubber and plastic-2.5
Metal products-2.5
Petroleum products-15.1
Chemical products-19.7
*Altogether, the eight industries referred to account for almost 80 percent of the total Dutch manufacturing industry

Manufacturing output prices rose in August

Relative to July, manufacturing output prices rose by 1.3 percent in August. Prices increased by 1.3 percent on the export market and by 1.4 percent on the domestic market.

Index producer prices
YearMonth(2015=100) (2015=100)
2019September106.1
2019October106
2019November106.1
2019December106.7
2020January107
2020February106.3
2020March102.2
2020April99.1
2020May99.4
2020June100.6
2020July101.2
2020August101.1
2020September100.5
2020October100.8
2020November101.2
2020December102.3
2021January105
2021February107.2
2021March109.4
2021April111.2
2021May112.5
2021June113.3
2021July115.5
2021August116.5
2021September117.7
2021October121.4
2021November122.4
2021December122.6
2022January127.8
2022February130.7
2022March137.9
2022April143.6
2022May145.1
2022June147.8
2022July148.1
2022August145.9
2022September144.9
2022October146.6
2022November143.3
2022December139.9
2023January142.4
2023February141.4
2023March140.2
2023April139.9
2023May137.6
2023June137.2
2023July136.7
2023August138.5