Manufacturing output prices up by 5 percent

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

Crude oil prices up

In November 2017, the price of a barrel of North Sea Brent oil was 53.5 euros, almost 23 percent higher than in November 2016. In October, the crude oil barrel price stood at 49 euros, over 5 percent up on October 2016.

Output prices are strongly affected by crude oil price developments. In November, prices of petroleum derivatives increased by over 21 percent year-on-year. The average year-on-year price increase in October was over 6 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 November year-on-year. In October, the average year-on-year price increase was 8 percent.

In addition to the petroleum and chemical sector, the price increase in the basic metal industry was also above average.

Prices of metal 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 and prices of food products were below the level of twelve months previously.

Selling prices manufacturing by sector, November 2017
 % change
Petroleum products21.3
Basic metal products10.5
Chemical products9.2
Metal products3.5
Rubber and plastic1.5
Food products-0.2

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 November

Prices of manufactured products rose by over 1 percent in November relative to October. Prices on the domestic market increased by almost 1 percent, while prices on the foreign market rose by 1.5 percent.