Price increase manufacturing almost 10 percent

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Statistics Netherlands (CBS) reports that prices of products manufactured in the Netherlands were almost 10 percent up in March 2017 from the same month last year. The price increase is smaller than in February. Prices in the petroleum industry were noticeably higher in March. If price developments in the petroleum industry are not taken into account, the price increase in March was almost 7 percent.

Higher crude oil and output prices

In March this year, the price of a barrel of North Sea Brent oil was 49 euros, i.e. 38 percent up from the price level recorded in March 2016. In February, the price increase was 74 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 40 percent in March, versus nearly 63 percent in February.

Prices of chemical products were more than 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 more than15 percent, due to the growing demand for basic metals and relatively low stock levels.

Prices of food, metal, rubber and plastic 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 machinery, on the other hand, were below the level of twelve months previously.

Selling prices manufacturing by sector
 % change
Petroleum products39.6
Chemical products19.3
Basic metal products15.2
Food products6.7
Metal products4.3
Rubber and plastic0.5

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 somewhat cheaper in March than in February

Compared to February, prices of manufactured products in March were slightly down. Prices on the foreign market were about the same, prices on the domestic market declined by almost 0,5 percent, The crude oil price also fell in March compared to February.