Largest price increase manufacturing in nearly 6 years

Higher crude oil and output prices

In February this year, the price of a barrel of North Sea Brent oil was nearly 53 euros, i.e. 74 percent up from the price level recorded in February 2016. In January, the price increase was 78 percent on a year-on-year basis.

Prices of petroleum derivatives are directly affected by crude oil price developments. Year-on-year, the price increase was nearly 63 percent in February, versus nearly 61 percent in January.

Prices of chemical products were about 19 percent higher on an annual basis. In the chemical industry, too, prices are affected by crude oil price developments. Prices in the basic metal industry rose by 13 percent, due to the growing demand for basic metals and relatively low stock levels.

Prices of food and 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.

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 February than in January

Compared to January, the average price increase of manufactured products in February was approximately 1 percent. Prices on the foreign market rose by more than 1 percent, prices on the domestic market by almost 1 percent.