Price increase crude oil lower
In February 2018, the price of a barrel of North Sea Brent oil was 53 euros, almost 1 percent higher than in February 2017. In January 2018, the crude oil barrel price stood at almost 57 euros, over 8 percent up on January 2017.
Output prices are strongly affected by crude oil price developments. In February, prices of petroleum derivatives decreased by over 1 percent year-on-year. In January, prices increased by over 5 percent year-on-year.
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 1 percent up in February year-on-year. In January, the average year-on-year price increase was almost 4 percent.
Just as in the chemical industry, the price increase of metal products, rubber and plastic products as well as the price increase in the automotive and machinery industries was also higher than average in manufacturing. On the other hand, prices of electronic products and food products as well as prices of repair and installation of machinery 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 fell slightly in February
Prices of manufactured products fell by 0.4 percent in February relative to January. Prices on the domestic market remained the same as in the previous month while prices on the foreign market dropped by 0.8 percent.