Manufacturing output prices 0.5 percent lower in August

Year-on-year decrease in crude oil prices

Output prices are generally strongly influenced by the price of crude oil. In August, a barrel of North Sea Brent crude cost 71.5 euros, more than 8 percent less than in August 2023. 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.

Year on year, prices for petroleum derivatives were down by 18.1 percent in August, while in July they were down by 4.0 percent. In the chemical sector too, output prices tend to track the price of crude oil. Output prices for chemical products were 0.7 percent higher in August 2024 than they were in August 2023. In July, they were up by 1.6 percent year on year.

Manufacturing output prices fell month on month in August

Output prices fell by 0.6 percent in August compared to July. Prices on the export market fell by 0.8 percent, while on the domestic market they fell by 0,2 percent.