In January 2015, selling prices of products manufactured in the Netherlands were 10.7 percent down from January 2014. In December 2014, prices were 8.0 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 5.3 percent lower.
Oil prices further down
Oil prices fell in January, just as in the preceding months. The price of a barrel of North Sea Brent oil was 43 euros, i.e. 46 percent below the level of January 2014. In December, oil prices dropped 36 percent on an annual basis.
Prices of petroleum derivatives were more than 39 percent down in January from January 2014, after a price drop by more than 31 percent in December. It is obvious that prices in this sector are seriously affected by crude oil prices.
Prices of chemical products were more than 15 percent down from twelve months ago. Food, drinks and tobacco products were 5 percent cheaper than twelve months previously. Prices of basic metal, rubber and plastic products were also marginally down.
Prices of metal products, machinery and car manufacturing, on the other hand, were marginally up from twelve months previously. Together, the eight sectors presented in this text and the corresponding graph account for nearly 80 percent of Dutch manufacturing output.
Manufactured products 3 percent cheaper in January than in December
In January, selling prices of manufactured products declined by 3 percent compared to December 2014. Prices on the domestic market declined by 2.5 percent, prices on the foreign market by 3.4 percent.
For more information on economic indicators, see the Economic Monitor.