Largest price increase manufacturing in 5 years
Higher crude oil and output prices
In December, the price of a barrel of North Sea Brent oil was 52 euros, i.e. nearly 46 percent up from the price level recorded in December 2015. In November last year, the price of a barrel of North Sea Brent oil was nearly 44 euros, i.e. 2 percent above the price level recorded in the same month of the previous year.
On an annual basis, prices of petroleum derivatives rose by 35.2 percent in December whereas in November the year-on-year price increase was 0.3 percent. Evidently, prices of petroleum derivatives are directly affected by crude oil price developments.
Prices in the basic metal industry rose by 6 percent, due to the increasing demand for basic metals and relatively low stocks.
Prices of food products, chemical products, metal products and prices in 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 and machinery, on the other hand, were below the level of twelve months previously.
| % change | |
|---|---|
| Petroleum products | 35.2 |
| Basic metal products | 6 |
| Food products | 4.8 |
| Chemical products | 3.7 |
| Metal products | 2.3 |
| Cars | 1.1 |
| Rubber and plastic | -0.7 |
| Machine | -3 |
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 than in November
On average, prices of manufactured products rose by 2.4 percent on a month-on-month basis. Prices on the domestic market rose by 2.0 percent, prices on the foreign market by 2.7 percent. The crude oil price also rose in December compared to November.
Sources
- StatLine - Producer Prices Index; output prices by economic activity
- StatLine - Producer Prices Index (PPI); output and import prices by product
Related items
- Dossier - Business Cycle