Manufacturing output prices down by 3 percent in January

29/02/2024 15:00

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Statistics Netherlands (CBS) reports that output prices for Dutch-manufactured products were 3.0 percent lower on average in January 2024 than one year previously. In December, the price drop was 1.8 percent year on year.

Producer prices
Year	Month	change (year-on-year % change)
2020	February	0.9
2020	March	-2.6
2020	April	-5.8
2020	May	-5.6
2020	June	-4.1
2020	July	-3.6
2020	August	-3.3
2020	September	-4
2020	October	-3.8
2020	November	-3.5
2020	December	-3.1
2021	January	-1.3
2021	February	0.5
2021	March	5.2
2021	April	9.4
2021	May	9.9
2021	June	9.9
2021	July	11.6
2021	August	12.5
2021	September	13.6
2021	October	16.3
2021	November	16.8
2021	December	16.1
2022	January	18
2022	February	18.2
2022	March	20.8
2022	April	23.5
2022	May	23.8
2022	June	24.9
2022	July	23.8
2022	August	21.7
2022	September	19.9
2022	October	18.1
2022	November	15.5
2022	December	13.3
2023	January	11.1
2023	February	8.7
2023	March	4
2023	April	0.2
2023	May	-1.9
2023	June	-3.7
2023	July	-5.2
2023	August	-3.2
2023	September	-1.5
2023	October	-3.2
2023	November	-2.6
2023	December	-1.8
2024	January	-3

Producer prices
Year	Month	change (year-on-year % change)
2020	February	0.9
2020	March	-2.6
2020	April	-5.8
2020	May	-5.6
2020	June	-4.1
2020	July	-3.6
2020	August	-3.3
2020	September	-4
2020	October	-3.8
2020	November	-3.5
2020	December	-3.1
2021	January	-1.3
2021	February	0.5
2021	March	5.2
2021	April	9.4
2021	May	9.9
2021	June	9.9
2021	July	11.6
2021	August	12.5
2021	September	13.6
2021	October	16.3
2021	November	16.8
2021	December	16.1
2022	January	18
2022	February	18.2
2022	March	20.8
2022	April	23.5
2022	May	23.8
2022	June	24.9
2022	July	23.8
2022	August	21.7
2022	September	19.9
2022	October	18.1
2022	November	15.5
2022	December	13.3
2023	January	11.1
2023	February	8.7
2023	March	4
2023	April	0.2
2023	May	-1.9
2023	June	-3.7
2023	July	-5.2
2023	August	-3.2
2023	September	-1.5
2023	October	-3.2
2023	November	-2.6
2023	December	-1.8
2024	January	-3

Smaller year-on-year decrease in crude oil prices

Output prices are strongly influenced by the price of crude oil. In January, the average price of a barrel of crude stood at 72.5 euros, which was over 7 percent lower than one year previously. In December 2023, a barrel of North Sea Brent crude cost nearly 71 euros, 8 percent less than one year previously.

Year on year, prices for petroleum derivatives were down by 10.4 percent in January, while in December they were down by 8.4 percent. In the chemical industry too, output prices tend to track the price of crude oil. Output prices for chemical products were 10.9 percent lower than they were in January 2023. In December, they were down by 11.8 percent year on year.

Producer prices manufacturing by sector*, January 2024
Category	% change (year-on-year % change)
Machinery	4.6
Cars	4.3
Electronic products	2.6
Food products	-1.7
Rubber and plastic	-3
Metal products	-4.7
Petroleum products	-10.4
Chemical products	-10.9

*Altogether, the eight industries referred to account for almost 75 percent of the total Dutch manufacturing industry

Producer prices manufacturing by sector*, January 2024
Category	% change (year-on-year % change)
Machinery	4.6
Cars	4.3
Electronic products	2.6
Food products	-1.7
Rubber and plastic	-3
Metal products	-4.7
Petroleum products	-10.4
Chemical products	-10.9

*Altogether, the eight industries referred to account for almost 75 percent of the total Dutch manufacturing industry

Manufacturing output prices rose month-on-month in January

Relative to December, output prices rose by 0.7 percent in January. Prices on the export market increased by 0.6 percent, while prices on the domestic market rose by 0.9 percent.

Index producer prices
Year	Month	(2015=100) (2021=100)
2020	February	94
2020	March	91.4
2020	April	89.3
2020	May	89.5
2020	June	90.1
2020	July	90.5
2020	August	90.3
2020	September	90
2020	October	90.2
2020	November	90.5
2020	December	91.2
2021	January	93.1
2021	February	94.5
2021	March	96.1
2021	April	97.6
2021	May	98.4
2021	June	99
2021	July	101
2021	August	101.6
2021	September	102.3
2021	October	104.8
2021	November	105.6
2021	December	105.8
2022	January	109.9
2022	February	111.7
2022	March	116.2
2022	April	120.6
2022	May	121.8
2022	June	123.8
2022	July	125
2022	August	123.7
2022	September	122.7
2022	October	123.9
2022	November	121.9
2022	December	119.9
2023	January	122.2
2023	February	121.5
2023	March	120.8
2023	April	120.9
2023	May	119.6
2023	June	119.2
2023	July	118.6
2023	August	119.7
2023	September	120.8
2023	October	119.9
2023	November	118.8
2023	December	117.7
2024	January	118.5

Index producer prices
Year	Month	(2015=100) (2021=100)
2020	February	94
2020	March	91.4
2020	April	89.3
2020	May	89.5
2020	June	90.1
2020	July	90.5
2020	August	90.3
2020	September	90
2020	October	90.2
2020	November	90.5
2020	December	91.2
2021	January	93.1
2021	February	94.5
2021	March	96.1
2021	April	97.6
2021	May	98.4
2021	June	99
2021	July	101
2021	August	101.6
2021	September	102.3
2021	October	104.8
2021	November	105.6
2021	December	105.8
2022	January	109.9
2022	February	111.7
2022	March	116.2
2022	April	120.6
2022	May	121.8
2022	June	123.8
2022	July	125
2022	August	123.7
2022	September	122.7
2022	October	123.9
2022	November	121.9
2022	December	119.9
2023	January	122.2
2023	February	121.5
2023	March	120.8
2023	April	120.9
2023	May	119.6
2023	June	119.2
2023	July	118.6
2023	August	119.7
2023	September	120.8
2023	October	119.9
2023	November	118.8
2023	December	117.7
2024	January	118.5

With effect from the reporting month of January 2024, the base year for the price index has changed from 2015 to 2021. The old series (base year = 2015) can still be accessed in StatLine, but will no longer be updated.

Manufacturing output prices down by 3 percent in January

Smaller year-on-year decrease in crude oil prices

Manufacturing output prices rose month-on-month in January

Sources

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