-By Mansi Suryavanshi.
INSIGHTS
- The output prices of Dutch manufactured goods increased by 1.9% YoY, however the increase has been steady since July 2022.
- The price of crude oil has a significant impact on output prices, and in March, prices for petroleum derivatives decreased by 21.2% year over year.
- Chemical product output costs were 4.3% less expensive than in March 2022.
Prices for goods made in the Netherlands increased on average by 1.9% from year to year. Prices in February were 8.3% higher than they were a year earlier. The rise in output prices has been steadily levelling off since July 2022.
The price of crude oil has a big impact on output pricing. A barrel of oil cost about €74 on average in March, which is 27% less than it did in the same month last year. According to Statistics Netherlands (CBS), the price of a barrel of North Sea Brent oil in February 2023 was about €78, or roughly 6% less than it had been the previous February.
Petroleum derivative prices decreased by 21.2% YoY in March after rising by 5.6% in February. The price of output is typically correlated with changes in the price of crude oil in the chemical industry as well. Chemical product output prices were 4.3% less expensive in March 2022. They increased by 1.0% YoY in February.
In most manufacturing sectors in March, prices increased. Prices for manufacturing output decreased by 0.8% in March compared to February. On the domestic market, prices dropped by 0.5%, while they fell by 1% on the export market.
