Manufacturing output prices below last year’s level

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According to Statistics Netherlands (CBS), output prices of products manufactured in the Netherlands were 7.1 percent down in February 2016 from February 2015. In January year-on-year prices were 4.1 percent down. The price drop is more substantial than in the previous three months. The crude oil price and prices of petroleum derivatives plummeted again in February.

Lower oil prices and output prices

Since 2013, year-on-year oil prices have fallen almost continuously. In February, the barrel price of North Sea Brent oil was 30 euros, i.e. 42 percent below the price level recorded in February 2015. In January, the barrel price was 29 euros, i.e. 31 percent below the level recorded one year previously.

Year-on-year prices of petroleum derivatives slumped by nearly 38 percent in February 2016 and by more than 25 percent in January 2016. Evidently, prices of petroleum derivatives are directly affected by crude oil price developments. If petroleum price developments are not taken into account, manufacturing output prices were 2.6 percent down.

Prices of chemical, (basic) metal and food products were also down from twelve months previously. Year-on-year prices of rubber and plastic products and machinery on the other hand, rose marginally. Average prices of the automotive industry hardly changed.

Selling prices manufacturing by sector
 % change
Rubber and plastic2.2
Metal products-0.4
Food products-2.5
Basic metal products-5.8
Chemical products-9
Petroleum products-37.8

Altogether, the eight industries referred to in the above text and the corresponding graph account for nearly 80 percent of total Dutch manufacturing industry.

Manufactured products cheaper in February than in January

Prices of manufactured products decreased on a month-to-month basis. In February 2016, output prices of manufactured products fell by more than 1 percent relative to January. Prices on the domestic and foreign market fell each by more than 1 percent.