Selling prices of products manufactured in the Netherlands were 8.0 percent down in December from December 2013. In November, prices were 3.7 percent down from twelve months previously. According to Statistics Netherlands, prices of manufactured products are seriously affected by price developments on the oil market. If price developments of petroleum derivatives are not taken into account, manufacturing prices were 3.5 percent lower. On average, selling prices of manufactured products were 2.2 percent down in 2014 from 2013.
Oil prices fall further
Oil prices fell in December, just as in the preceding months. The price of a barrel of North Sea Brent oil was 51 euros, i.e. 36 percent below the level of December 2013. In November, the oil price dropped 20 percent on an annual basis.
Prices of petroleum derivatives were more than 31 percent down in December from December 2013, after a 14 percent price drop in November. Prices in this sector are seriously affected by crude oil prices. Prices of chemical products were 9 percent down. Food, drinks and tobacco products were 4 percent cheaper than twelve months previously. Machinery prices were also marginally down.
Prices of basic metal and metal products, on the other hand, were somewhat higher. Car prices and prices of rubber and plastic products were also marginally higher. Together, these sectors account for nearly 80 percent of Dutch manufacturing output.
Manufactured products 4.1 percent cheaper in December than in November
In December, selling prices of manufactured products fell by 4.1 percent compared to November 2014. Prices on the domestic market decreased by 3.9 percent, prices on the foreign market fell by 4.3 percent.
For more information on economic indicators, see the Economic Monitor.