Higher electricity prices

Electricity prices in the Producer Price Index (PPI) increased by 19.4 per cent from May to June, which is a relatively sharp increase. A higher spot price in the Nordic Power market Nord Pool, as well as for electricity sold to Norwegian households caused the overall rise in electricity prices. The index for electricity prices can fluctuate from one month to the next, which in turn is partly caused by fluctuating spot prices in Nord Pool. However, the index for electricity prices has not been at such a high level since 2011 and the same holds for the monthly spot price at Nord Pool. In addition to higher prices on electricity, increased prices on natural gas together with some manufacturing industries were important contributors to the overall growth in the PPI.

Higher prices in manufacturing

Prices on Norwegian manufactured goods rose by 1.1 per cent from May to June. This continues the upward trend, and over the previous twelve months prices increased by 8.5 per cent. From May to June, higher prices on refined petroleum products and basic metals were the largest contributors to the overall growth in manufacturing prices. However, excluding refined petroleum products and basic metals, prices on manufactured goods fell slightly, down 0.5 per cent. These two industries were also important for the overall increase in manufacturing prices over the previous twelve months. Prices on food products fell by 1.1 per cent From May to June. Different types of food products experienced differing price developments, however, lower prices on fish and fish products in particular contributed to the overall decrease.