The prices Norwegian producers received for their goods rose by 0.1 per cent from June to July, according to figures from the producer price index. The PPI measures price developments in extraction, mining, manufacturing and electricity supply, both in terms of sales to the Norwegian market and abroad. In July, prices in manufacturing industries rose by 0.4 per cent.
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).
The prices that Norwegian producers of metals received for their goods have increased by 12 per cent from February to July.
– Metal prices have fluctuated a lot in recent years. At the end of last year and well into 2024, they levelled off, but since February we have seen a fairly strong rise again, says head of section of price statistics, Espen Kristiansen.
Increased year-to-year growth in prices of exported manufactured goods
From July last year to July this year, prices of manufactured goods sold abroad increased by just over 6 per cent. From June last year to June this year, the rise in prices for similar goods was 2.7 per cent. The twelve-month growth increased markedly from June to July, both in the petroleum and basic metal industries.
– This is the largest year-to-year rise in prices of exported manufactured goods since February last year. However, it is relatively low when we compare it with the period May 2021 to December 2022, when we had inflation of up to 50 per cent in some months, says Espen Kristiansen.
