Manufacturing output prices up by 3.5 percent

Statistics Netherlands (CBS) reports that prices of Dutch-manufactured products were 3.5 percent up in October 2017 year-on-year. The price increase is lower than in the previous month, when prices in manufacturing were almost 5 percent higher.

Crude oil prices increased less year-on-year

In October 2017, the price of a barrel of North Sea Brent oil was 49 euros, 5.1 percent higher than in October 2016. In September, the crude oil barrel price stood at 46.5 euros, 10.5 percent up on September 2016.

Output prices are strongly affected by crude oil price developments. In October, prices of petroleum derivatives increased by over 6 percent year-on-year. The average year-on-year price increase in September was almost 19 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 8 percent up in October year-on-year. In September, the average year-on-year price increase was almost 9 percent.

The price increase in the basic metal industry was the highest in manufacturing: almost 11 percent. This is partly due to a higher demand. The price increase of metal products was also above average.

Prices of 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 October

Prices of manufactured products rose slightly (0.2 percent) in October relative to September. Prices on the domestic market hardly changed, while prices on the foreign market rose slightly.

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