In February 2015, selling prices of products manufactured in the Netherlands were 8.8 percent down from February 2014. In January 2015, prices were 10.6 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 5.2 percent lower.
Oil prices still low
Oil prices fell in February, but the price drop is less substantial than in the previous two months. The price of a barrel of North Sea Brent oil was 52 euros, i.e. 35 percent below the level of February 2014. In January, oil prices dropped 46 percent on an annual basis.
Prices of petroleum derivatives were more than 27 percent down in February from February 2014, after a price drop by more than 39 percent in January. Obviously, prices in this sector are seriously affected by crude oil prices.
Prices of chemical products were nearly 16 percent down from twelve months ago. Food, drinks and tobacco products were nearly 5 percent cheaper than one year 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 referred to in this text and the corresponding graph account for nearly 80 percent of Dutch manufacturing output.
Manufactured products more than 2 percent up in February from January
In February, selling prices of manufactured products increased by 2.2 percent compared to January 2015. Prices on the domestic market rose by 2.1 percent, prices on the foreign market by 2.4 percent.
For more information on economic indicators, see the Economic Monitor.