Largest price increase manufacturing in nearly 6 years

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Statistics Netherlands (CBS) reports that prices of products manufactured in the Netherlands were more than 11 percent up in February 2017 from the same month last year. This is the most substantial price increase since July 2011. Prices in the petroleum industry were noticeably higher in February. If price developments in the petroleum industry are not taken into account, the price increase in February was almost 7 percent.

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.

Selling prices manufacturing by sector
 % change
Petroleum products62.9
Chemical products18.7
Basic metal products13
Food products7.2
Metal products3.7
Rubber and plastic-0.3

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 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.