Manufacturing output prices down by almost 1 percent in March

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Statistics Netherlands (CBS) reports that output prices for Dutch-manufactured products were 0.9 percent lower on average in March 2024 relative to one year previously. In February, the price drop was 1.8 percent year on year.

Producer prices
YearMonthchange (year-on-year % change)
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-2.9
2024February-1.8
2024March-0.9

Year-on-year increase in crude oil prices

Output prices are strongly influenced by the price of crude oil. In March, the average price of a barrel of crude stood at almost 78 euros, which was over 5 percent higher than one year previously. In February, a barrel of North Sea Brent crude cost 75.5 euros, over 3 percent less than one year previously.

Year on year, prices for petroleum derivatives were down by 1.1 percent in March, while in February they were down by 2.8 percent. In the chemical sector too, output prices tend to track the price of crude oil. Output prices for chemical products were 5 percent lower than they were in March 2023. In February 2024, they were down by 8.5 percent year on year.

Category% change (year-on-year % change)
Machinery4.9
Electronic products2.5
Cars1.3
Food products-0.5
Petroleum products-1.1
Rubber and plastic-2
Metal products-4.5
Chemical products-5
*Altogether, the eight industries referred to account for almost 80 percent of the total Dutch manufacturing industry

Manufacturing output prices rose in March

Output prices rose by 0.4 percent in March compared to February. Prices on the export market rose by 0.3 percent, while on the domestic market they rose by 0.6 percent.

Index producer prices
YearMonth(2015=100) (2021=100)
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
2023December117.6
2024January118.6
2024February119.3
2024March119.8