Manufacturing prices continue to fall
Lower crude oil and output prices
Year-on-year oil prices have fallen almost continuously since 2013. In June, the price of a barrel of North Sea Brent oil was more than 44 euros, i.e. nearly 22 percent below the price level recorded in June 2015. In May, the barrel price was 42 euros, 28 percent below the level recorded one year previously.
Year-on-year prices of petroleum derivatives slumped by 22.5 percent in June 2016 and by nearly 27 percent in May 2016. Evidently, prices of petroleum derivatives are directly affected by crude oil price developments.
With nearly 15 percent, the price drop of chemical products was also above average. Prices of basic metal, food, rubber and plastic products and machinery were also down from twelve months previously, while prices of metal products and the automotive industry were the same as one year ago.
| % change | |
|---|---|
| Cars | 0 |
| Metal products | 0 |
| Machine | -0.4 |
| Food products | -0.6 |
| Rubber and plastic | -0.9 |
| Basic metal products | -3.9 |
| Chemical products | -14.8 |
| Petroleum products | -22.5 |
Altogether, the eight industries referred to in the above text and the corresponding graph account for 80 percent of total Dutch manufacturing industry.
Manufactured products more expensive in June than in May
Prices of manufactured products increased on a month-on-month basis. In June 2016, output prices of manufactured products rose by 0.9 percent relative to May. The price rise of manufactured products on the foreign market was marginally higher than on the domestic market: 1.1 versus 0.7 percent. The crude oil price also increased in June compared to May.
Sources
- StatLine - Producer Prices Index; output prices by economic activity SIC2008
- StatLine - Producer Prices Index (PPI); output and import prices by product