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12590
Oil and metal prices increased
statistikk
2003-07-10T10:00:00.000Z
Prices and price indices;National accounts and business cycles;Energy and manufacturing
en
ppi, Producer price index, price trends, inflation, domestic market, export market, economic indicator, intermediate goods, energy goods, consumables, capital goods, metal-working industry, food industry, oil refining, machine industry, mining, metal prices (for example gold, aluminium, copper)Producer and wholesale price indices, Energy , Oil and gas , Business cycles , Manufacturing, mining and quarrying , National accounts and business cycles, Prices and price indices, Energy and manufacturing
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Producer price index, 15 June 2003

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Oil and metal prices increased

Manufacturing prices increased by 0.8 per cent from May to June, mainly due to higher prices of refined petroleum products and metals. The total index went up 2.6 per cent, primarily due to an increased oil price.

After declining some 20 per cent from March to May, prices of refined petroleum products went up 4.1 per cent from May to June. June figures from London Spot Markets (LSM) show a monthly increase of about 9 per cent in prices of unleaded gasoline and heavy fuel oil (measured in NOK). Metal prices went up 3.2 per cent from May, while food prices increased 0.4 per cent. The largest decline occurred for chemicals, where prices went down 1.2 per cent.

As regards the main industrial groupings, prices of consumer goods and intermediate goods increased 0.5 per cent, while prices of energy goods were 4.8 per cent higher than in May.

The total index went up 2.6 per cent from May to June. The main reason was higher prices of oil. According to LSM the price of Brent Blend went up 7.8 per cent in this period (measured in NOK). Increased manufacturing prices contributed to the overall rise, while an 8.3 per cent fall in prices of electricity dampened the increase.

12-month rate: 1.2 per cent price growth

Manufacturing prices have increased by 1.2 per cent compared with June last year. Prices of refined petroleum products showed the largest increase in this period - up about 6 per cent, while chemicals went up 4.4 per cent. Higher prices of basic metals as well as machinery and equipment also contributed to the rise, while prices of food, beverages and tobacco went down 1.6 per cent.

As regards the main industrial groupings, prices of energy goods have increased 4.3 per cent, while consumer goods are down 0.9 per cent compared with June last year.

The total index has increased by 2.8 per cent the last 12 months. The largest increase occurred in electricity, where prices are about 40 per cent higher than in June 2002. Prices within oil and gas extraction have increased by 0.9 per cent.

Producer price index. 2000=100
  June 2003 Changes, per cent
  May 2003-June 2003 June 2002-June 2003
Total index 90.47 2.6 2.8
Oil and gas extraction 81.56 5.6 0.9
Manufacturing, mining and quarrying 98.42 0.8 1.2
Electricity, gas and steam supply  195.88 -8.3 42.6

Commodity price index for the industrial sectors

As announced previously the articles for the Producer price index and the Commodity price index for the industrial sectors are now coordinated. The web pages for both surveys will remain the same for the time being - www.ssb.no/ppi_en and www.ssb.no/vppi_en.

The monthly and the 12-month rate for the surveys showed no differences in June. Therefore no new information is added about the commodity price index.

Commodity price index for the industrial sectors. 2000=100
  June 2003 Changes, per cent
  May 2003-June 2003 June 2002-June 2003
Total index 94.49 2.6 2.8
Oil and gas extraction 81.56 5.6 0.9
Manufacturing, mining and quarrying 98.59 0.8 1.2
Electricity, gas and steam supply  189.49 -8.3 42.6