The increase in manufacturing output prices has been unprecedented since July 2021. The war in Ukraine has put additional pressure on prices, which were already rising due to the rapid economic recovery immediately following the COVID-19 pandemic.

Compared to June, manufacturing output prices fell by 0.1 per cent in July. Prices increased by 0.3 per cent in the domestic market but fell by 0.4 per cent in the export market. Output prices have been rising sharply since the end of 2020, CBS said.

Output prices are strongly affected by crude oil price developments. In July, the average price of a barrel of North Sea Brent oil stood at approximately €102, i.e., over 62 per cent more than in the same month last year. In June 2022, a barrel cost over €110, i.e., approximately 81 per cent more than a year ago.

Fibre2Fashion News Desk (KD)