147980_not-searchable
/en/priser-og-prisindekser/statistikker/pif/maaned
147980
Price falls in petroleum products
statistikk
2014-12-10T10:00:00.000Z
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
false
The price index of first-hand domestic sales (PIF) measures the price change of the first commercial transaction for many products, producers’ selling prices and importers’ buying prices.

Price index of first-hand domestic sales, 15 November 2014

Content

Published:

This is an archived release.

Go to latest release

Price falls in petroleum products

The price index of first-hand domestic sales (PIF) decreased by 0.3 per cent from October to November 2014. The price fall was due to price declines in petroleum and petroleum products as well as natural and manufactured gas. A price rise in food products dampened the fall in the PIF.

Price index of first-hand domestic sales. 2000=100Published 10 December 2014
Per centPer centIndexWeights1
November 2014 / October 2014November 2014 / November 2013November 2014
1The weights are updated annually, and are valid for the entire year.
Product groups
Total index-0.3-0.3147.01 000.0
Food1.84.7150.6180.1
Beverages and tobacco-4.70.2152.815.0
Crude materials, inedible, except fuels-3.49.2135.752.0
Mineral fuels, lubricants and related materials-3.6-12.9217.0240.4
Chemicals and related products, n.e.s.1.52.8150.868.4
Manufactured goods classified by material0.74.2135.2126.6
Machinery and transport equipment0.4-0.1101.9219.3
Miscellaneous manufactured articles0.32.6115.990.7

Source: Statistics Norway

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

The price index of first-hand domestic sales (PIF) was 147.0 in November (where 2000=100). Compared with October, the total index fell by 0.3 per cent. From November 2013 to November 2014 the PIF decreased by the same rate of 0.3 per cent.

Monthly change: price decreases in petroleum products and metalliferous ores

The price decline in the commodity group ‘mineral fuels, lubricants and related materials’ was primarily driven by falling prices for petroleum and petroleum products. The price falls in petroleum products was caused by a price drop in crude oil. Crude oil, Brent Blend measured in NOK, fell by 6.7 per cent from October to November 2014. Natural and manufactured gas, such as propane, also had a significant price fall in November.

Another commodity group that pulled the PIF down in November was ‘crude materials, inedible, except fuels’. Price falls in metalliferous ores as well as crude fertilizers and minerals caused the decline in the index for crude materials of 3.4 per cent.

Higher food prices dampen the decline in the PIF

Prices within the food products increased by 1.8 per cent and helped to curb the decrease in the PIF from October to November 2014. The following food products had the largest influence on the food price index:

  •  Fish and fish preparations
  •  Feeding stuff for animals
  •  Meat and meat preparations

Norwegian fish and meat increased by 3.7 and 1.7 per cent respectively and caused the increase in the food price index in the domestic market. At the same time, the sharp increase in the import prices of feeding stuff for animals helped to bring the import food price index up. Among other imported food products with a significant price increase in November were vegetables and fruits, as well as coffee, tea and cocoa. The depreciation of the Norwegian Krone compared to the Norwegian trading partners’ currency was one of the factors that caused the price rise in imported foods. 

Twelve-month change: decrease in mineral fuels and electricity

From November 2013 to November 2014, the PIF decreased by 0.3 per cent. The decrease in the overall index was mainly due to price falls within the commodity group ‘mineral fuels, lubricants and related materials’, where lower prices of petroleum and petroleum products, electricity and natural and manufactured gas pulled the prices in the commodity group down.

Increased food prices dampened the decrease in the PIF from November 2013 to November 2014. All food prices, except fish and fish products, increased in this period. ‘Vegetables and fruits’ and ‘coffee, tea and cocoa’ were foods with the largest price growth.