Manufacturing prices up for the first time in two years

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Statistics Netherlands (CBS) reports that prices of products manufactured in the Netherlands were 1.5 percent up in October 2016 on a year-on-year basis. This is the first price increase in more than two years. In September prices were 1.2 percent down from one year previously. If price developments in the petroleum industry are not taken into account, the price increase in October was 0.8 percent.

Higher crude oil and output prices

In October it was the first time in more than two years that the barrel price was higher than in the same month in the previous year. The price of a barrel of North Sea Brent oil exceeded 46 euros in October, i.e. more than 6 percent above the price level recorded in October 2015. This is the largest barrel price increase in four years.

On an annual basis, prices of petroleum derivatives rose by 7.0 percent in October, whereas in September the oil price was more than 7 percent lower than in September 2015. Prices changes of petroleum derivatives correlate highly with crude oil price developments.

Prices of food products rose by 4.7 percent compared to last year. This is partly due to higher prices for agricultural raw materials. Furthermore, prices in the (basic)metal industry and the automotive industry were higher than one year ago. Rubber and plastic products, machinery and chemical products were below the level of twelve months previously.

Selling prices manufacturing by sector
 % change
Petroleum products7
Food products4.7
Metal products1.1
Basic metal products0.5
Chemical products-1
Rubber and plastic-1.4

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

Manufactured products more expensive in October

On average, prices of manufactured products rose 1.5 percent on a month-on-month basis. Prices on the domestic market rose by 1.7 percent, prices on the foreign market by 1.4 percent. The crude oil price also rose strongly in October compared to September.