Producer price index, 15 May 2002

The crude oil price (Brent Blend) fell 2 per cent on the London Spot Markets from April to May. The result was a 1.8 per cent decrease in the group oil and gas extraction. The manufacturing prices fell 0.5 per cent. Within this group the largest downward effect came from refined petroleum products and basic metals, which partially offset an upward effect from chemicals and chemical products, which increased by 2.7 per cent.

With a fall of 2.1 per cent, energy goods showed the largest price decline among the main industrial groupings.

12-month rate, May 2001 to May 2002

Compared with May last year the manufacturing prices have declined 4.2 per cent. This development may to a large extent be attributed to the price fall within refined petroleum products, which were almost 19 per cent lower. Another major contributing factor was a 15 per cent decline in prices of basic metals.

Among the main industrial groupings the prices of energy goods were about 14 per cent lower than last year's prices, whereas intermediate goods had a price fall of almost 7 per cent.

Development in the 12-month rate

The 12-month rate for manufacturing went from -2.8 per cent in April to -4.2 per cent in May, whereas prices of refined petroleum products fell from about -13 to -19 per cent. The overall trend in manufacturing is also due to lower prices of food and pulp, paper and paper products, and basic metals.