Price index of first-hand domestic sales, 15 March 2002

Prices of mineral fuels, lubricants and related materials increased by 6.3 per cent from February to March and have increased by about 12 per cent compared with December last year. The latest development is caused by a 12.4 per cent increase in prices of petroleum and petroleum products. In comparison figures from London Spot Markets showed that prices of crude oil (Brent Blend) went up almost 14 per cent from last month (measured in NOK). 10 per cent lower prices of electric current reduced the rise in the group.

Prices of manufactured goods increased by 0.3 per cent from February, while miscellaneous manufactured articles increased by 0.2 per cent. Food prices continuous down and counteracted, to some degree, the rise in the total index.

The 12-month rate; Prices down 2.8 per cent

The 12-month rate for the total index was -2.8 per cent. Lower prices of mineral fuels, lubricants and related materials as well as crude materials were the main reasons for the decline. I addition prices of manufactured goods have shown some decline during the last 12 months. The most important increase occurred in prices of food, machinery and transport equipment.

Improvement in the 12-month rate

The 12-month rate of the total index went from -4.4 per cent in February to -2.8 per cent in March. Corresponding figures for mineral fuels, lubricants and related materials are -18.2 per cent and -9.8 per cent. The amplitude of the change is due to prices declining from February to March last year, while the same period this year showed growth. This was also the case for manufactured goods where the rate went from -4.2 per cent to -3.4 per cent. The greatest decrease occurred in prices of food.