Producer price index, 15 November 2001

Manufacturing prices declined 0.8 per cent from October to November. Within this group prices of refined petroleum prices went down 7.5 per cent. In this period figures from London Spot Markets show a 16 per cent drop in prices of unleaded gasoline, while prices of heavy fuel oil declined about 11 per cent. Prices of product in the group pulp, paper and paper products went down about 2 per cent.

The price of crude oil (Brent Blend) was approximately 8.5 per cent lower than in October. Accordingly the group oil and gas extraction went down 7.1 per cent. A 3 per cent price increase in electricity counteracted the reduction in the total index to some extent.

The 12-month rate (November 2000 - November 2001)

Despite higher prices in important groups like food and machinery, the manufacturing group shows a 5 per cent decrease in prices compared with the same period last year. A 30 per cent fall in prices of refined petroleum products and a 16 per cent drop in prices of basic metals were important reasons for the decline in manufacturing prices.

According to end use, prices of energy goods went down 36.4 per cent, while intermediate goods are down 6.2 per cent compared with last November. Prices of consumer goods, on the other hand, are nearly 4 per cent up.

The development in the 12-month rate

The 12-month rate of manufacturing went from -4.3 per cent in October to -4.9 per cent in November. Since June 2000, when prices were 11.1 per cent higher than June 1999, the 12-month rate has shown a steady decrease. This development is mainly caused by prices of refined petroleum products. The 12-month rate of the latter mentioned group was 72 per cent in June 2000 and -32 per cent in November. Prices of basic metals have also decreased in this period.

According to end use energy products have gone from -7.1 per cent in July to -36.4 per cent in November. Prices of consumer goods have for the last two months been about 4 per cent higher than last year.