Producer price index, 15 August 2002

Prices within oil and gas extraction increased by 5.7 per cent from July to August. In this period figures from the London Spot Market showed a 6.6 per cent increase in prices of crude oil (Brent Blend measured in NOK). A 6 per cent rise in prices of electricity, gas and steam supply also contributed to the total increase.

Prices within manufacturing, mining and quarrying went down 0.1 per cent. This development was much due to lower prices of basic metals, chemical products and food products. Refined petroleum products on the other hand increased by 3.7 per cent.

According to the main industrial groupings energy goods rose 5.4 per cent. Consumer goods experienced a price decline of 0.3 per cent, while capital goods showed a slight increase.

12-month rate: refined petroleum products continue to decline

Prices in manufacturing, mining and quarrying fell 3.6 per cent from August 2001 to August 2002. This was mainly due to the price development in refined oil products and basic metals. Prices in both this industries are down about 15 per cent the last 12 months.

Energy goods had about 10 per cent lower prices than in August 2001, while prices of capital goods fell by approximately 6 per cent. Also consumer goods showed a decline in prices compared with last August.

Development in the 12-month rate

After falling 4.4 per cent in June the 12-month rate for manufacturing, mining and quarrying was -3.6 per cent in August. The development was mainly contributable to improvement in the 12-month rate for refined products and basic metals.

The 12-month rate for consumer goods went from -0,6 per cent last month to -0,7 per cent in August. Both durable and non-durable consumer goods showed fall in the rates. Energy goods, which have had a negative 12-month rates since July last year, went from -11.8 to -10.0 per cent in August. Intermediate goods went from -7.1 per cent to -6.0 per cent.