Manufacturing prices falling more rapidly

According to Statistics Netherlands (CBS), output prices of products manufactured in the Netherlands were 7.4 percent down in March 2016 from March 2015. In February year-on-year prices were 7.0 percent down. The price drop is somewhat more substantial than in the previous month. The crude oil price and prices of petroleum derivatives plummeted again relative to one year previously.

 

Selling prices
Selling prices
 % change
2012 A2.9
2012 M2.6
2012 J1.2
2012 J1.8
2012 A4.6
2012 S4.4
2012 O4.7
2012 N3.3
2012 D2.7
2013 J1.3
2013 F1.1
2013 M-0.9
2013 A-2.2
2013 M-1.6
2013 J0
2013 J-0.4
2013 A-2.3
2013 S-2.8
2013 O-3.5
2013 N-2.7
2013 D-1.7
2014 J-2.2
2014 F-3
2014 M-2.8
2014 A-1
2014 M-0.5
2014 J0.3
2014 J-0.7
2014 A-1.4
2014 S-1.6
2014 O-2
2014 N-3.7
2014 D-8
2015 J-10.6
2015 F-8.9
2015 M-6.7
2015 A-5.5
2015 M-4.9
2015 J-5.3
2015 J-6
2015 A-8.1
2015 S-9.2
2015 O-8.9
2015 N-6.9
2015 D-5
2015 J-4.1
2015 F-7
2015 M-7.4

Lower oil prices and lower output prices

Since 2013, year-on-year oil prices have fallen almost continuously. In March, the barrel price of North Sea Brent oil was 36 euros, i.e. 32 percent below the price level recorded in March 2015. In February, the barrel price was 30 euros, i.e. almost 42 percent below the level recorded one year previously.

Year-on-year prices of petroleum derivatives slumped by nearly 32 percent in March 2016 and by almost 38 percent in February 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 3.8 percent down.

Prices of chemical, (basic) metal and food products were also lower than twelve months previously. Year-on-year prices of rubber and plastic products and machinery, on the other hand, rose marginally. The average price level in the automotive industry hardly changed.

Selling prices manufacturing by sector
Selling prices manufacturing by sector
 % change
Rubber and plastic1.9
Machine1.8
Cars0
Metal products-0.6
Food products-2.9
Basic metal products-6.7
Chemical products-12.6
Petroleum products-31.8

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 more expensive in March than in February

Prices of manufactured products increased on a month-to-month basis. In March 2016, output prices of manufactured products rose by more than 1 percent relative to February. The increase on the foreign market was somewhat more substantial than on the domestic market. The price of crude oil also increased on a month-to-month basis.

Index selling prices
Index selling prices
 index
2012 A115.7
2012 M114.6
2012 J112.3
2012 J113.7
2012 A116.1
2012 S116.7
2012 O116.2
2012 N115.2
2012 D114.4
2013 J114.9
2013 F115.9
2013 M114.8
2013 A113.2
2013 M112.8
2013 J112.3
2013 J113.2
2013 A113.4
2013 S113.4
2013 O112.2
2013 N112.1
2013 D112.5
2014 J112.4
2014 F112.5
2014 M111.6
2014 A112.1
2014 M112.2
2014 J112.6
2014 J112.4
2014 A111.9
2014 S111.5
2014 O109.9
2014 N108
2014 D103.5
2015 J100.4
2015 F102.5
2015 M104.1
2015 A105.9
2015 M106.8
2015 J106.6
2015 J105.7
2015 A102.8
2015 S101.3
2015 O100.2
2015 N100.5
2015 D98.4
2015 J96.3
2015 F95.3
2015 M96.4

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