Manufacturing prices up again

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Statistics Netherlands (CBS) reports that prices of products manufactured in the Netherlands were 0.8 percent up in November 2016 on a year-on-year basis. The price increase is smaller than in October when manufacturing prices rose for the first time in more than two years. If price developments in the petroleum industry are not taken into account, the price increase in November was also 0.8 percent.

Higher crude oil and output prices

In November, the price of a barrel of North Sea Brent oil was just under 44 euros, i.e. nearly 2 percent up from the price level recorded in November 2015. In October this year, the price of a barrel of North Sea Brent oil exceeded 46 euros, i.e. more than 6 percent above the price level recorded in the same month last year.

On an annual basis, prices of petroleum derivatives rose by 0.3 percent in November, whereas in October the year-on-year price increase was 7 percent. Evidently, prices of petroleum derivatives are directly affected by crude oil price developments.

Prices of food products rose by 3.9 percent compared to last year. Prices in the (basic) metal industry and the automotive industry were also higher than one year ago. This is partly due to higher prices for agricultural raw materials and metals. Prices of rubber and plastic products, machinery and chemical products, on the other hand, were below the level of twelve months previously.

Selling prices manufacturing by sector
 % change
Food products3.9
Basic metal products3
Metal products1.4
Petroleum products0.3
Chemical products-0.3
Rubber and plastic-0.9

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 cheaper than in November

On average, prices of manufactured products fell by 0.3 percent on a month-on-month basis. Prices on the domestic market fell by 0.2 percent, prices on the foreign market by 0.4 percent. The crude oil price also declined in November compared to October.