The prices that Dutch industrial companies are asking for their goods were 1.9% higher in March than in the same month last year. The price increase therefore stabilized for the ninth consecutive month, reports the Central Statistical Office. In February, prices were still more than 8% higher than a year earlier, and in January, prices were more than 11% higher. Since July 2022, the increase in producer prices has steadily stabilised.
The price increases are mainly due to rising costs for energy, raw materials and transport. According to the statistics office, 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.
Manufacturing producer prices are closely related to oil prices. In March, a barrel of Brent crude cost almost 74 euros. It was 27% less than the previous year. In February, a barrel of Brent oil cost around 78 euros, almost 6 percent less than a year earlier.
Prices in most industrial classes were higher in March than a year earlier. The price level in the oil industry was more than 21% lower than a year ago, and prices in the chemical industry fell more than 4% due to lower oil prices.
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.
