Price index of first-hand domestic sales, 15 September 1999

Mineral fuels, lubricants and related materials showed a 2.1 per cent increase compared with last month. One of the main reasons for this are higher prices of crude oil. London Spot Markets showed an increase in the monthly average on Brent Blend by roughly 11 per cent. Reductions in the US oil deposits and OPEC's successful restrictive production rate caused the average crude oil price in September to reach the highest level yet this year more than 22 dollars a barrel. In addition most of the refined oil products showed an increase.

The rise in the total index was mainly suppressed by falling prices on food. Food dropped 0.5 percent compared with last month. Due to good weather in most of Southern Norway there is a glut on the vegetable marked causing prices to fall. Furthermore, there has been a decline in prices on cattle and sheep. However, processed meat showed an increase thereby making the drop in food somewhat smaller. Reduced prices of mainly coffee from import contributed to the drop in food products.

Most of the other main groups in the total index showed an increase from August to September. Machinery and transport equipment was an exception. This group fell 0.2 per cent due to falling prices on imports.

According to end use the price of consumer goods increased by 0.2 per cent compared with the August prices. The 12-month rate increased to 1,9 per cent.