Price index of first-hand domestic sales, 15 May 2004

Prices of mineral fuels, lubricants and related materials increased by 4.5 per cent from April to May. Prices of petroleum and petroleum products increased by 7.6 per cent while electricity prices decreased by 2.1 per cent. Crude materials increased by 0.4 per cent. Higher prices of wood, lumber and cork and crude fertilizers and crude minerals were the main reason for the increase in the former group. Prices of food showed an increase this month, caused by higher prices of meat and fish.

Manufactured goods went down by 0.5 per cent. The main reason for the decrease was lower prices of metals. The downtrend was mainly due to signals of tight economy in China. Figures from the London Spot Market showed an increase in prices of aluminum and nickel, 6.0 and 14.1 per cent (measured in NOK).

The overall domestic market, however, showed a price increase of 1.3 per cent. The main reason for this increase was higher prices of petroleum and petroleum products.

The 12-month rate, May 2003 to May 2004: 5.5 per cent increase

The overall 12-month rate showed that prices have increased by 5.5 per cent the last 12 months.

The increase was mainly due to higher prices in all of the main groups, particularly the development in petroleum and petroleum products. Petroleum and petroleum products went up by 28.5 per cent. Crude materials went up 10.7 per cent, due to increased prices of metalliferous ores and metal scrap. Prices of food increased by 1.3 per cent compared with May 2003. Manufactured goods increased by 4.4 per cent. The main reason for this rise was higher prices of iron and steel, 20.6 per cent.