Producer price index, 15 June 2002

Figures from London Spot Markets showed a 5.3 per cent decrease in the price of crude oil (Brent Blend), measured in US dollar. As a result of a strengthened Norwegian Krone the price decline ended on -10.4 per cent, measured in NOK. After an increase of about 30 per cent from last December to April this year, the oil price has declined a good 12 per cent the last two months.

Manufacturing prices have decreased 1.2 per cent since May. The largest contributor to this development was a decline of about 6 per cent in prices of refined petroleum products. Prices of basic metals continue to fall, while chemicals and chemical products experienced a 1 per cent decline.

Among the main industrial groupings prices of energy goods went down 8.4 per cent from May to June, while intermediate goods increased by 0.2 per cent.

The 12-month rate: Fall in prices of refined petroleum products

Manufacturing prices are down 5.1 per cent compared with last June. This development is much due to lower prices of refined petroleum products, basic metals as well as for pulp, paper and paper products. Prices of refined petroleum products are about 22 per cent lower than they were last June.

Among the main industrial groupings intermediate goods are 7.5 per cent down, while prices of energy goods have declined 21.4 per cent the last twelve months.

The development in the 12-month rate

The 12-month rate for manufacturing went from -4.2 per cent in May to -5.1 per cent in June. The decline is much influenced by the development in prices of refined petroleum products, food as well as the decline in prices of chemicals and chemical products. The 12-month rate for refined petroleum products went from -18.8 per cent in May to -22.3 per cent in June.