Marginal decline manufacturing prices

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© Hollandse Hoogte
Statistics Netherlands (CBS) reports that prices of products manufactured in the Netherlands were 1.2 percent down in September 2016 on a year-on-year basis. Again, prices declined less rapidly than in the preceding month. If price developments in the petroleum industry are not taken into account, the price fall in September is 0.5 percent.

Lower crude oil and output prices

Year-on-year, oil prices have fallen almost continuously since 2013. In September, the price of a barrel of North Sea Brent oil was 42 euros, i.e. nearly 3 percent below the price level recorded in September 2015. In August, the barrel price was also 42 euros and nearly 3 percent down from one year previously.

On an annual basis, prices of petroleum derivatives slumped by more than 7 percent in September 2016 and by more than 13 percent in August 2016. Evidently, prices of petroleum derivatives are directly affected by crude oil price developments.

Prices of chemical products also decreased more than average (nearly 6 percent). Rubber and plastic products and machinery were also cheaper than twelve months previously, whereas prices of food products, (basic)metal products and prices in the automotive industry were higher than one year ago.

Selling prices manufacturing by sector
 % change
Food products3.4
Metal products1.5
Basic metal products0.2
Rubber and plastic-1.2
Chemical products-5.8
Petroleum products-7.2

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

Prices manufactured products higher in September than in August

On average, prices of manufactured products rose 0.7 percent on a month-on-month basis. Prices on the domestic market rose by 1 percent, on the foreign market by 0.5 percent. The crude oil price also rose marginally in September compared to August.