Factory gate prices in Dutch manufacturing industry were 15 percent lower in July than in July 2008. In June, manufactured products were 14 percent cheaper than one year previously. Since November 2008, prices of manufactured products have continuously been cheaper than twelve months previously. A decline of this magnitude is unprecedented since the start of the series in 1991.
The petroleum processing and refining industry charged nearly 44 percent less for their products than in July 2008. Price developments in this sector are seriously affected by the price of crude oil. The euro price of a barrel of North Sea Brent oil was over 45 percent down on one year previously. By mid-2008, oil prices peaked.
Prices of products manufactured by the chemical and basic metal industry were considerably (20 percent) lower. Factory gate prices in the food processing industry and the paper industry dropped by more than 5 percent. In a few branches, prices were higher in July than twelve months previously. This applies, for instance, to drinks, tobacco products and furniture.
In July, factory gate prices virtually equalled those in June. Prices on the foreign market dropped somewhat, whereas prices on the domestic market rose marginally. In May and June prices still increased by about 1 percent relative to one month previously.
Factory gate prices