Manufacturing output prices up by over 1 percent

28/02/2018 15:00
Statistics Netherlands (CBS) reports that prices of Dutch-manufactured products were 1.2 percent up in January 2018 year-on-year. The price increase is lower than in the previous month, when prices in manufacturing were 2 percent higher.

Price increase crude oil higher

In January 2018, the price of a barrel of North Sea Brent oil was almost 57 euros, over 8 percent higher than in January 2017. In December 2017, the crude oil barrel price stood at 54 euros, 3.5 percent up on December 2016.

Output prices are strongly affected by crude oil price developments. In January, prices of petroleum derivatives increased by almost 5 percent year-on-year. The average year-on-year price increase in December was slightly lower.

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 3 percent up in January year-on-year. In December, the average year-on-year price increase was almost 6 percent.

The price increase of metal products, rubber and plastic products as well as the price increase in the automotive industry was also higher than average in manufacturing. On the other hand, prices of electronic products and food products as well as prices of machinery and equipment were below the level of twelve months previously.

Altogether, the nine 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 January

Prices of manufactured products rose by 0.3 percent in January relative to December. Prices on the domestic market and the foreign market rose by 0.4 and 0.3 percent respectively.

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