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12761
Highest oil price in 18 months
statistikk
1999-07-09T10:00:00.000Z
Prices and price indices;National accounts and business cycles;Energy and manufacturing
en
ppi, Producer price index, price trends, inflation, domestic market, export market, economic indicator, intermediate goods, energy goods, consumables, capital goods, metal-working industry, food industry, oil refining, machine industry, mining, metal prices (for example gold, aluminium, copper)Producer and wholesale price indices, Energy , Oil and gas , Business cycles , Manufacturing, mining and quarrying , National accounts and business cycles, Prices and price indices, Energy and manufacturing
false

Producer price index, 15 June 1999

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Highest oil price in 18 months

The recovery of the crude oil markets continued from the low point at the turn of the year. After a drop in prices in April-May the average price in June jumped 5 percent to the highest level since November 1997. The increase in prices came in a traditionally low consumption period and is mainly due to OPEC cutbacks in production.

The mid June p

Increased prices on oil in May - June did not manage to compensate the 0.2 per cent decline in the Manufacturing industry. The total index fell by 0.1 per cent from May to June. Basic effects in June last year caused a 1.7 per cent increase in the 12-month rate for June after 1,3 per cent up in May.

Manufacturers prices down

The reduction in prices in the Manufacturing industry is mainly caused by lower prices on food and basic metals. One of the largest impacts on the total index came from a drop in the prices on meat and meat products due to a poor start of this barbecue season combined with a high supply of meat.

Manufacture of basic metals faced a 2.4 per cent drop in prices compared to last month, a somewhat stronger reduction than at the same time last year. The decrease was occurring in the non-iron metals sector - mainly export markets. The recent development in the spot markets (LME) shows a decrease in the average monthly prices on aluminium alloy, copper and nickel.