Manufacturing output prices up by almost 3 percent

30/01/2018 15:00
Statistics Netherlands (CBS) reports that prices of Dutch-manufactured products were 2.8 percent up in December 2017 year-on-year. The price increase is lower than in the previous month, when prices in manufacturing were 5 percent higher.

Price increase crude oil lower

In December 2017, the price of a barrel of North Sea Brent oil was 54 euros, 3.5 percent higher than in December 2016. In November, the crude oil barrel price stood at 53.5 euros, almost 23 percent up on November 2016.

Output prices are strongly affected by crude oil price developments. In December, prices of petroleum derivatives increased by 5 percent year-on-year. The average year-on-year price increase in November was almost 21 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 7.5 percent up in December year-on-year. In November, the average year-on-year price increase was 9 percent.

The price increase in the basic metal industry was the highest and - similar to the petroleum and chemical sector - above average in the manufacturing industry.

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.

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 slightly in December

Prices of manufactured products rose by 0.2 percent in December relative to November. Prices on the domestic market decreased marginally, while prices on the foreign market rose slightly.

 

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