Manufacturing output prices slightly higher in May

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© ANP / Jean-Pierre Geusens

Erratum:

As of 2 July 2024, the title and the first line of the first paragraph of this news release have been revised.
The title is adjusted from ‘Manufacturing output prices slightly lower in May’ to ‘Manufacturing output prices slightly higher in May’.

The first line of the first paragraph is adjusted from:
Statistics Netherlands (CBS) reports that output prices for Dutch-manufactured products were 0.3 percent lower on average in May 2024 relative to one year previously’.
To: Statistics Netherlands (CBS) reports that output prices for Dutch-manufactured products were 0.3 percent higher on average in May 2024 relative to one year previously’.
Statistics Netherlands (CBS) reports that output prices for Dutch-manufactured products were 0.3 percent higher on average in May 2024 relative to one year previously. In April, the price change was 0.0 percent year on year.

Larger year-on-year increase in crude oil prices

Output prices are generally strongly influenced by the price of crude oil. In May, the average price of a barrel of crude stood at nearly 77 euros, which was over 10 percent higher than one year previously. In April, a barrel of North Sea Brent crude cost 83.0 euros, almost 9 percent more than one year previously.

Year on year, prices for petroleum derivatives were up by 4.0 percent in May, in April they were up by 1.1 percent. In the chemical sector too, output prices tend to track the price of crude oil. Output prices for chemical products were 2.8 percent lower than they were in May 2023. In April 2024, they were down by 2.7 percent year on year.

Manufacturing output prices fell in May

Output prices fell by 0.8 percent in May compared to April. Prices on the export market fell by 0.8 percent, and on the domestic market they fell by 0.7 percent.

Sources

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