Manufacturing prices almost 6 percent higher

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Statistics Netherlands (CBS) reports that prices of products manufactured in the Netherlands were almost 6 percent up in May 2017 from the same month last year. The price increase is less substantial than in April. If price developments in the petroleum industry are not taken into account, the price increase in May was 5 percent.

Higher crude oil and output prices

In May 2017 the price of a barrel of North Sea Brent oil was just under 47 euros, i.e. 10 percent up from the price level recorded in May 2016. In April the barrel price was 50 euros, an increase by more than 31 percent on a year-on-year basis.

Manufacturing prices are strongly affected by crude oil price developments. In May prices of petroleum derivatives increased by over 11 percent on an annual basis, versus a year-on-year price increase by over 32 percent in April.

On an annual basis, prices of chemical products were 10 percent up. In the chemical industry, too, prices are affected by crude oil price developments. Prices in the basic metal industry were more than 14 percent up on an annual basis, partly due to the growing demand for basic metals and the 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 and equipment, on the other hand, were again below the level of twelve months previously.

Selling prices manufacturing by sector
 % change
Basic metal products14.3
Petroleum products11.2
Chemical products10
Food products7.3
Metal products4.1
Rubber and plastic1.7

Altogether, the eight industries referred to in the above text and the corresponding graph account for 80 percent of total Dutch manufacturing industry.

Prices of manufactured products lower in May than in April

Prices of manufactured products fell by almost 1.5 percent in May relative to April. Prices on the domestic market fell by 1 percent, prices on the foreign market by nearly 2 percent. The crude oil price also decreased in May.