Factory gate prices of Dutch manufactured products were nearly 11 percent higher in May than twelve months previously. In April prices increased by 9 percent. A price increase in double digits has not occurred since 2000.
The increase in factory gate prices is mainly caused by soaring oil prices. A barrel of North Sea Brent oil, for example, cost over 83 percent more in dollars than in May 2007. In euros the price increased by 59 percent. The depreciation of the US dollar against the euro has moderated the effect of the sharp increase in oil prices on selling prices.
Selling prices in the petroleum processing and refining industry were over 37 percent higher in May. If price rises in the petroleum industry are not taken into account, manufacturing prices would have been 6 percent higher instead of 11 percent.
Selling prices in the food industry were over 9 percent higher than twelve months previously. This price increase is substantial, but less robust than in preceding months. The price increase in the chemical industry was in the same order of magnitude. After nine months of price falls, prices of basic metal products were higher than twelve months ago.
Factory gate prices in the manufacturing industry were nearly 3 percent up on April. The price increase for products sold on the domestic market was nearly 2 percent while prices for exported products rose by 3 percent.
Factory gate prices