Higher crude oil prices in August
In August 2017, the price of a barrel of North Sea Brent oil was 44 euros, 4.5 percent higher than in August 2016. In July, the crude oil barrel price stood at just under 43 euros, nearly 2 percent up on July 2016.
Output prices are strongly affected by crude oil price developments. In August, prices of petroleum derivatives increased by over 14 percent year-on-year. The average year-on-year price increase in July was 3 percent.
In the chemical industry as well, output prices are affected by changes in the price of crude oil. Output prices of chemical products were nearly 7 percent up in August year-on-year. In July, the average year-on-year price increase was over 4 percent.
The price increase in the basic metal industry was also above average. This is partly due to a higher demand. Prices of metal products, food products, rubber and plastic products as well as prices in the automotive industry were also higher than one year previously. On the other hand, prices of machinery and equipment were again 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 the total Dutch manufacturing industry.
Prices of manufactured products rose in August
Prices of manufactured products rose by nearly 1 percent in August relative to July. The price increase on the domestic market was 1 percent and on the foreign market nearly 1 percent.