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Weak price decrease in PIF
statistikk
2014-09-10T10:00:00.000Z
Prices and price indices
en
pif, Price index of first-hand domestic sales, price trends, inflation, wholesale price index, domestic market, import market, product groups (for example food, chemical products, machines)Producer and wholesale price indices, Prices and price indices
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Price index of first-hand domestic sales, 15 August 2014

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Weak price decrease in PIF

The price index for first-hand domestic sales (PIF) decreased by 0.2 per cent from July to August. The price fall was due to price declines in food products as well as petroleum and petroleum products.

Price index of first-hand domestic sales. 2000=100Published 10 September 2014
Per centPer centIndexWeights1
August 2014 / July 2014August 2014 / August 2013August 2014
1The weights are updated annually, and are valid for the entire year.
Product groups
Total index-0.21.1148.61 000.0
Food-1.11.4147.0180.1
Beverages and tobacco1.63.5158.315.0
Crude materials, inedible, except fuels1.412.4138.752.0
Mineral fuels, lubricants and related materials-0.6-3.3239.1240.4
Chemicals and related products, n.e.s.0.42.3148.668.4
Manufactured goods classified by material0.23.3133.0126.6
Machinery and transport equipment-0.20.4101.7219.3
Miscellaneous manufactured articles0.22.5115.090.7

Source: Statistics Norway

Figure 1. Price development for some SITC groups. 2000=100

The price index for first-hand domestic sales (PIF) was 148.6 in August (where 2000=100), compared to 148.9 in July. From August 2013 to August 2014 the PIF increased by 1.1 per cent.

Monthly change: price decreases in food and petroleum products

A 1.1 per cent price fall in food products was the main reason behind the overall decrease in the PIF from July to August. The largest price decrease was in fish; prices fell in several types of salmon due to the Russian import ban introduced in early August.

A 0.6 per cent decline in mineral fuels, lubricants and related materials was primarily driven by falling prices for petroleum and petroleum products. Another group that pulled the index down in August was machinery and transport equipment.

Higher electricity prices dampen the decline in the PIF

Despite the decrease in the overall index for mineral fuels, lubricants and related materials from July to August, the index for electricity rose by nearly 6 per cent. The electricity index was the most important individual contributor that helped to curb the decline in the PIF. Another group with a price increase in August was crude materials, where prices grew by 1.4 per cent.

Twelve-month change: higher prices of crude materials and manufactured goods

From August 2013 to August 2014, the PIF increased by 1.1 per cent. As last month, the index rose mainly due to a price increase in crude materials. Also prices within manufactured goods contributed to the rise in the total index, where prices went up by 3.3 per cent.

Prices within mineral fuels, lubricants and related materials dampened the total rise in the PIF from August 2013 to August 2014. These prices were mainly driven by lower prices of electricity and petroleum and petroleum products.