Manufacturing output prices down by almost 2 percent in February

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

Producer prices
YearMonthchange (year-on-year % change)
2020March-2.6
2020April-5.8
2020May-5.6
2020June-4.1
2020July-3.6
2020August-3.3
2020September-4
2020October-3.8
2020November-3.5
2020December-3.1
2021January-1.3
2021February0.5
2021March5.2
2021April9.4
2021May9.9
2021June9.9
2021July11.6
2021August12.5
2021September13.6
2021October16.3
2021November16.8
2021December16.1
2022January18
2022February18.2
2022March20.8
2022April23.5
2022May23.8
2022June24.9
2022July23.8
2022August21.7
2022September19.9
2022October18.1
2022November15.5
2022December13.3
2023January11.1
2023February8.7
2023March4
2023April0.2
2023May-1.9
2023June-3.7
2023July-5.2
2023August-3.2
2023September-1.5
2023October-3.2
2023November-2.6
2023December-1.9
2024January-3
2024February-1.8

Smaller year-on-year decrease in crude oil prices

Output prices are strongly influenced by the price of crude oil. In February, a barrel of North Sea Brent crude cost 75.5 euros, over 3 percent less than one year previously. 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.

Year on year, prices for petroleum derivatives were down by 2.7 percent in February, while in January they were down by 10.5 percent. In the chemical industry too, output prices tend to track the price of crude oil. Output prices for chemical products were 8.6 percent lower than they were in February 2023. In January 2024, they were down by 11.0 percent year on year.

Producer prices manufacturing by sector*, February 2024
Category% change (year-on-year % change)
Machinery4.7
Cars3
Electronic products2.8
Food products-1.3
Rubber and plastic-2.4
Petroleum products-2.7
Metal products-4.6
Chemical products-8.6
*Altogether, the eight industries referred to account for almost 75 percent of the total Dutch manufacturing industry

Manufacturing output prices rose in February

Output prices rose by 0.6 percent in February compared to January. Prices on both the export and domestic markets rose by 0.6 percent.

Index producer prices
YearMonth(2015=100) (2021=100)
2020March91.4
2020April89.3
2020May89.5
2020June90.1
2020July90.5
2020August90.3
2020September90
2020October90.2
2020November90.5
2020December91.2
2021January93.1
2021February94.5
2021March96.1
2021April97.6
2021May98.4
2021June99
2021July101
2021August101.6
2021September102.3
2021October104.8
2021November105.6
2021December105.8
2022January109.9
2022February111.7
2022March116.2
2022April120.6
2022May121.8
2022June123.8
2022July125
2022August123.7
2022September122.7
2022October123.9
2022November121.9
2022December119.9
2023January122.2
2023February121.5
2023March120.8
2023April120.9
2023May119.6
2023June119.2
2023July118.6
2023August119.7
2023September120.8
2023October119.9
2023November118.8
2023December117.7
2024January118.5
2024February119.3


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.