Upward trend in manufacturing prices

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The PPI fell by 0.8 per cent from April to May. This was to a large degree caused by a lower price of crude oil. The prices within manufacturing fell slightly this month, but have mostly been upward trending the last twelve months.

 

The twelve-month change in the PPI has been relatively high the last months. From May 2016 to May 2017 the PPI rose 8.9 per cent. However, this was lower than the four previous months. This price growth has mainly been caused by the price of crude oil that has recovered from the low levels at the beginning of 2016. Thus the oil price has been substantially higher in the first quarter of 2017. In addition, the prices within manufacturing have been trending upward the last twelve months.

Price indices. 2014=100

Manufacturing total PPI total
Jan. 2014 99.92 104.93
Feb. 2014 99.93 104.2
Mars 2014 99.39 101.21
April 2014 99.47 100.72
May 2014 99.54 99.82
June 2014 100.09 100.24
July 2014 100.7 99.7
Aug. 2014 101.15 99.01
Sept. 2014 100.56 99
Oct. 2014 100.31 98.81
Nov. 2014 99.95 96.07
Dec. 2014 99 96.28
Jan. 2015 97.5 91.9
Feb. 2015 98.36 93.85
Mars 2015 99.11 95.09
April 2015 99.36 95.11
May 2015 99.51 95.05
June 2015 99.65 95.34
July 2015 99.75 93.14
Aug. 2015 98.61 89.14
Sept. 2015 97.42 88.97
Oct. 2015 97.83 89.49
Nov. 2015 98.41 89.86
Dec. 2015 97.4 85.85
Jan. 2016 96.11 82.02
Feb. 2016 95.44 79.86
Mars 2016 95.66 80.87
April 2016 96.41 81.48
May 2016 97.81 83.71
June 2016 98.95 86.08
July 2016 100.25 86.43
Aug. 2016 99.09 84.91
Sept. 2016 98.61 83.58
Oct. 2016 99.11 85.44
Nov. 2016 99.94 87.58
Dec. 2016 100.64 92.08
Jan. 2017 102.64 92.38
Feb. 2017 104.55 94.88
Mars 2017 104.03 93.9
April 2017 104.33 91.94
May 2017 104.2 91.18

The prices within the manufacturing industry fell by 0.1 per cent this month, but are still 6.5 per cent higher than the same period last year. The trend, for manufacturing prices, has been pointing upward through 2016 and through the start of 2017. Among industries that have contributed to this are fish, refined petroleum products, basic chemicals and metals.

The prices of metals rose for the seventh month in a row in May and were 24 per cent higher than the same period last year. This price growth has to a large degree been driven by higher export prices. In addition, the prices of processed fish have continued the upward trend which more or less has persisted since 2014.

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