Manufacturing output prices up by nearly 5 percent

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© Hollandse Hoogte
Statistics Netherlands (CBS) reports that prices of Dutch-manufactured products were nearly 5 percent up in September 2017 year-on-year. The price increase is again slightly higher than in the previous month, when prices in manufacturing were 4 percent higher.

Also higher crude oil prices in September

In September 2017, the price of a barrel of North Sea Brent oil was 46.5 euros, 10.5 percent higher than in September 2016. In August, the crude oil barrel price stood at just 44 euros, 4.5 percent up on August 2016.

Output prices are strongly affected by crude oil price developments. In September, prices of petroleum derivatives increased by 18.5 percent year-on-year. The average year-on-year price increase in August was almost 14 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 over 9 percent up in September year-on-year. In August, the average year-on-year price increase was almost 7 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.

Selling prices manufacturing by sector, September 2017
 % change
Petroleum products18.5
Basic metal products11
Chemical products9.2
Metal products3.7
Food products2.3
Rubber and plastic1.8

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 September

Prices of manufactured products rose by nearly 2 percent in September relative to August. The price increase on the domestic market was almost 2 percent and on the foreign market 1.5 percent.