The prices that Dutch industrial companies are charging for their products were almost 21% higher in October than in the same month last year. Although price increases have stabilized for the fourth consecutive month, the increase in selling prices remains “unprecedented” at 20.9 percent, reports Statistics Netherlands. In September, prices were still more than 23% higher than twelve months earlier.
The sharp price increases are mainly due to the increase in energy, raw material and transport costs. According to CBS, the war in Ukraine is putting further pressure on prices. And that price pressure adds to the price increases that have occurred previously due to the rapid recovery of the economy after the corona crisis.
All sectors higher
Prices were higher in October than a year earlier in nearly every business class in the industry. The price level has risen sharply, especially in the oil and chemical industries. In the first sector, the price level was almost 53% higher than a year ago. This is because selling prices are closely related to oil prices, which have risen sharply. For example, a barrel of Brent crude oil from the North Sea cost more than €95 in October. It was about 32 percent more than a year earlier.
Source: BNR
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
