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Rise in prices of oil and oil products
statistikk
2000-10-10T10:00:00.000Z
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
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Producer price index, 15 September 2000

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Rise in prices of oil and oil products

The producer price index rose by 1.8 per cent from August to September. Both crude oil and manufacturing prices contributed to this increase. The 12-month rate (September 1999 - September 2000) went from 6.4 in August to 7.4 per cent in September.

After showing only minor changes since May, the average price of Brend Blend on the London Spot Markets jumped a good 13 per cent from August to September (measured in NOK). During September the price climbed to above 35 dollars a barrel for the first time since the Gulf War in 1990.

The increase in prices of crude oil was the main reason for the 6.7 per cent rise in the group oil extraction, mining and quarrying. The 12-month rate of this group went from 27.4 in August to 29.7 per cent in September.

Manufacturing prices up

Manufacturing prices increased by 1.2 per cent from August to September. All subgroups showed growth, except manufacturing of wood and wood products where prices fell 0.1 per cent. The 12-month rate of manufacturing prices went from 4.5 per cent in August to 5.3 in September.

The largest contribution to the upsurge came from refined oil products, which caused a 4.6 per cent rise in the group consisting of chemicals and chemical petroleum, coal, rubber and plastic products. The 12-month rate of this group went from 13.4 per cent in August to 17.7 per cent in September indicating a steeper climb between these months this year compared with the same period 1999.

The second greatest source of the rise in manufacturing prices was a 2.2 per cent increase in prices of basic metals. Figures from the London Metal Exchange in September showed a 10 per cent increase in average prices of nickel, while aluminium rose by about 5.5 per cent and prices of copper (grade A) climbed roughly 8.5 per cent (all measured in NOK).

After a decline last month the price of food, beverages and tobacco went up by 0.5 per cent from August to September. The upturn is due to an increase in prices of both food and beverages. The 12-month rate went from 1.1 per cent in August to 1.5 per cent in September. The rest of the groups showed only insignificant changes.

Producer price index. 1981=100
  September 2000 Changes, per cent
  August 2000-September 2000 September 1999-September 2000 January-September 1999 - January-September 2000
Total index 182,9 1,8 7,4 7,4
Oil extraction, mining and quarrying 149,7 6,7 29,7 39,1
Manufacturing 185,6 1,2 5,3 4,7
Manufacture of food, beverages and tobacco 206,3 0,5 1,5 0,3
Manufacture of textiles, wearing apparel, leather and leather products 160,8 0,2 1,1 0,6
Manufacture of wood and wood products 193,3 -0,1 3,5 2,5
Manufacture of paper and paper products, printing and publishing 211,4 0,2 4,4 4,2
Manufacture of chemicals and chemical petroleum, coal, rubber and plastic products 158,9 4,6 17,7 17,8
Manufacture of mineral products 218,5 0,1 1,4 1,4
Manufacture of basic metals 150,8 2,2 9,0 9,3
Manufacture of fabricated metal products, machinery and equipment 193,2 0,2 2,1 1,6