Producer price index, 15 December 2001

The price of refined petroleum products has declined 5.7 per cent since last month. At London Spot Markets the price of unleaded gasoline fell by 4 per cent, while prices of heavy fuel oil declined by merely 0.3 per cent (measured in NOK). Prices of crude oil (Brent Blend) showed only minor decline. Prices of food products, beverages and tobacco fell by 0.9 per cent, while prices of basic metals fell by 0.4 per cent.

The 12-month rate, December 2000 - December 2001

Manufacturing prices were 5 per cent lower compared with the corresponding period last year. This was mainly due to a decline in prices of refined petroleum products and basic metals. Prices in these groups fell by 29 per cent and 15.8 per cent respectively. Prices of pulp, paper and paper products fell by 6.5 per cent. The largest positive contribution came from a 3 per cent increase in prices of food products, beverages and tobacco.

According to the main industrial grouping, prices for energy goods were 21 per cent lower than last December, while prices of intermediate goods went down 6.5 per cent. Prices of consumer goods, on the other hand, increased by 2.9 per cent.

The development in the 12-month rate

The 12-month rate for manufacturing, mining and quarrying was unchanged from November to December. Refined oil products went from -31.7 per cent to -29 per cent, a small change compared to the earlier months. Basic metals showed only minor change. The gap in prices of food, beverages and tobacco was reduced as the 12-month rate went from 4.2 per cent in November to 3.0 per cent in December. Pulp, paper and paper products went from -5.2 per cent to -6.5 per cent.

According to end use the energy goods went from -36.4 per cent to -21.2 per cent. This development was due to a much smaller price decline from November to December this year compared with the same period last year. The 12-month rate for consumer goods went from 3.9 per cent in November to 2.9 per cent in December.