Manufacturing output prices up by 3 percent

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Statistics Netherlands (CBS) reports that prices of Dutch-manufactured products were 3 percent up in June 2017 from the same month last year. The price increase is again less substantial than in the previous month, when prices in manufacturing were nearly 6 percent higher.

Lower crude oil prices in June

For the first time since October 2016, crude oil prices in June were below the level recorded one year previously. The price of a barrel of North Sea Brent oil in June 2017 was over 42 euros, almost 5 percent lower than in June 2016. In May, the barrel price stood at almost 47 euros, 10 percent up from May 2016.

Output prices are strongly affected by crude oil price developments. In June, prices of petroleum derivatives decreased by over 1 percent year-on-year, versus a price increase of over 11 percent in May.

In the chemical industry as well, output prices are affected by crude oil price developments. Output prices of chemical products were almost 7 percent up in June year-on-year. In May the average year-on-year price increase was more than 10 percent.

Prices in the basic metal industry were almost 13 percent up on an annual basis. Prices of food, metal, rubber and plastic products as well as in the automotive industry were also higher than one year previously. This is partly due to higher prices for agricultural raw materials and metals. On the other hand, prices of machinery and equipment were again below the level of twelve months previously.

Selling prices manufacturing by sector
 % change
Basic metal products12.6
Chemical products6.7
Food products5
Metal products4
Rubber and plastic1.6
Petroleum products-1.1

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

Prices of manufactured products lower in June than in May

Prices of manufactured products fell by over 1 percent in June relative to May; the decline was 1 percent on the domestic market and 1.5 percent on the foreign market. The price of crude oil also decreased in June.