Manufacturing prices falling more rapidly

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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.


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
 % change
Rubber and plastic1.9
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.