Manufacturing output prices almost 1 percent higher in July

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Statistics Netherlands (CBS) reports that output prices for Dutch-manufactured products were 0.9 percent higher on average in July 2024 relative to one year previously. In June, the price increase was 0.7 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 July, the average price of a barrel of crude stood at over 77 euros, which was almost 7 percent higher than in July 2023. In June, a barrel of North Sea Brent crude cost also over 77 euros, more than 11 percent more than in June 2023.

Year on year, prices for petroleum derivatives were down by 4.0 percent in July, while in June they were up by 0.3 percent. In the chemical sector too, output prices tend to track the price of crude oil. Output prices for chemical products were 1.6 percent higher in July 2024 than they were in July 2023. In June, they were down by 1.2 percent year on year.

Manufacturing output prices fell month on month in July

Output prices fell by 0.3 percent in July compared to June. Prices on the domestic market remained the same, while on the export market they fell by 0,5 percent.

Sources

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