Prices Norwegian producers were paid for their products, rose by 18.1 percent overakk from January 2024 to January 2025, according to the Producer Price Index (PPI). This is a quite high The twelve-month change in the PPI indicates the growth in the PPI from a given month one year to the same month the following year., fueled by a large price jump in prices on natural gas from January 2024 to January 2025.
The producer price index (PPI) measures the price development that important parts of the Norwegian industry receive for their goods. Compared with the more well-known consumer price index (CPI), PPI measures price developments at an earlier point in the value chain. The CPI measures the price development that households pay for different goods, while the PPI measures prices "at the factory gate". Thus, PPI is an important indicator of the condition in the Norwegian industry. The index is used to analyse the Norwegian economy and can also be an indication of the development in the CPI. The PPI measures the price development in extraction of oil and natural gas, manufacturing, water- and electricity supply and for certain services, including services related to oil and gas extraction. Prices are measured on goods sold in the first stage of sales from the producer to the Norwegian market (domestic market), in addition to the foreign market (export market).
Stable price increases for manufacturing
Prices of manufactured goods produced in Norway rose by 5.6 percent in the period from January 2024 until January 2025. This continues a trend of fairly stable price increases over the last six months.
– After large increases in the past couple of years, and a volatile first half of 2024, the price increase stabilized in the second half of the year. The stable growth rate continues into 2025, says Espen Kristiansen, head of price statistics at Statistics Norway.
Price drops in the chemical industry in January was one of the main causes for a somewhat lower overall price increase for manufacturing than the previous month. The twelve-month change in prices for chemical products was at a positive 4.1 percent change in January, considerably lower than the recorded 19.8 percent change in December.
Exported manufactured goods were the main driver in the price increase in January, with a twelve-month uptick of 9.2 percent. Several industries contributed to this. Among these were the metal industry and production of refined petroleum products.
On the contrary, the prices of goods sold on the domestic marked had a lower price increase over the last twelve months of 3.5 percent. This pattern of divergence between the price growth for exports and the domestic market has been ongoing for a while, as we see in Figure1
Larger price discrepancies between domestic and exports on seafood
In the foodindustry, the twelve-month increase was at 5.9 percent in January, which is in accordance with the last few months’ trend. The increases were larger for some categories, with seafood leading the way. Prices here showed an export driven increase of 26.4 percent from January 2024 to January 2025. This is a twelve-month rate not seen since the spring of 2023.
Seafood sold on the domestic market; we see a different picture. Even though this market is also important for Norwegian producers, the price increase here is much more modest. The twelve-month change was still positive, but at a mere 3.7 percent.
– That the prices on seafood are rising more steeply for exports than at home is a trend we have seen for a while. We now see that there is a significant gap in price growth in export prices and prices for the Norwegian market, Kristiansen says.
For other groups such as meat, vegetables and feedstuffs, the domestic market dominates. These groups have had a much lower price increases for a long time, with some occasionally dipping into price decreases. This contributes to the combined price increase on food sold in Norway being noteworthy lower than for exported food.
Figure 2 shows the price index for domestic and exports for seafood. These have had a quite similar development, but that for the last half year the prices have increased much more for exported seafood.
