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12586
Oil prices increase
statistikk
2003-08-11T10:00:00.000Z
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 July 2003

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Oil prices increase

Manufacturing prices increased by 1.0 per cent from June to July, mainly due to higher prices of refined petroleum products. The total index went up 2.9 per cent, mainly due to an increase in oil prices.

Prices of refined oil products continued to increase also this month, 6.7 per cent from June to July. Figures from the London Spot Market (LSM) show a monthly increase of 12.3 and 17.4 of unleaded gasoline and heavy fuel oil, respectively (measured in NOK). Food and metals prices also showed an increase from June to July of 0.9 and 0.8 per cent respectively.

In the main industrial groupings - prices of energy goods went up 5.7 per cent compared with June 2003. Intermediate goods and consumer goods also increased by 0.6 and 0.2 per cent respectively.

The total index went up 2.9 per cent from June to July. The main reason was higher oil prices. According to the LSM the price of Brent Blend went up 7.3 per cent in this period (measured in NOK). Increase in prices of electricity also contributed to the overall rise with about 8 per cent.

12-month rate: 2.7 per cent price growth

Manufacturing prices have increased by 2.7 per cent compared with July last year. Prices of refined petroleum products showed the largest increase in this period - up 12.8 per cent. Chemicals and chemicals products and basic metals also contributed to this increase by 5.2 and 5.9 per cent respectively. Prices of food showed a decrease compared with last year.

All the main industrial groupings showed an increase, where prices of energy goods contributed the most to this the development by 10.3 per cent compared with July last year.

The total index has increased by 6.3 per cent the last 12 months. The largest increase occurred in electricity, where prices are about 60 per cent higher than in July 2002. Prices within oil and gas extraction have increased by 6.5 per cent.

Producer price index. 2000=100
  July 2003 Changes, per cent
  June 2003-July 2003 July 2002-July 2003
Total index 93.13 2.9 6.3
Oil and gas extraction 86.00 5.4 6.5
Manufacturing, mining and quarrying 99.37 1.0 2.7
Electricity, gas and steam supply  211.74 8.1 58.8

Commodity price index for 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 - http://www.ssb.no/ppi_en and http://www.ssb.no/vppi_en .

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

Commodity price index for the industrial sectors. 2000=100
  July 2003 Changes, per cent
  June 2003-July 2003 July 2002-July 2003
Total index 97.27 2.9 6.3
Oil and gas extraction 85.99 5.4 6.5
Manufacturing, mining and quarrying 99.54 1.0 2.7
Electricity, gas and steam supply  204.83 8.1 58.8