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12575
Higher prices of energy goods
statistikk
2003-11-10T10:00:00.000Z
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, October 2003

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Higher prices of energy goods

The total index went up by 1.6 per cent from September to October. In this period prices of energy goods went up 2.8 per cent, while manufacturing prices increased 0.4 per cent.

After declining about 9 per cent from August to September, figures from London Spot Markets (LSM) showed a 3.8 per cent increase in the last month's prices of crude oil (Brent Blend measured in NOK). The latest increase can to some extent be contributed to OPEC's decision to reduce the production of oil. In addition market players are preparing for the coming winter. With an increase of 6 per cent, the electricity prices went up as well.

The largest increases within manufacturing occurred in prices for chemicals and refined petroleum products, 1.4 and 1.2 per cent. Also prices of basic metals and food continue to rise. According to end use energy goods have increased 2.8 per cent since September, while consumer goods have gone up 0.3 per cent the last month.

12-month rate, October 2002 to October 2003

Manufacturing prices have increased 2.5 per cent compared with last October. Basic metals have increased about 12 per cent and represent the largest rise within manufacturing. Chemicals showed close to a 9 per cent increase, while prices of refined petroleum products have gone up 1 per cent.

According to the main industrial groupings intermediate goods went up 4.4 per cent. Energy goods increased by 1.5 per cent, while consumer goods are 1 per cent up the last 12 months.

The total index has increased 2.1 per cent since October 2002. The largest rise occurred for electricity, where prices are up about 35 per cent. A decline of approximately 1 per cent in the price of crude oil (Brent Blend measured in NOK on LSM) dampened the total rise.

Producer price index. 2000=100
  October 2003 Changes in per cent
  September-
October 2003 		October 2002-
October 2003
Total index 93.76 1.6 2.1
Oil and gas extraction 86.35 2.8 -1.3
Manufacturing, mining and quarrying 99.65 0.4 2.5
Electricity, gas and steam supply  246.59 6.0 34.6

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 - 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 October. Therefore no new information is added about the commodity price index.

Producer price index. 2000=100
  October 2003 Changes in per cent
  September-
October 2003 		October 2002-
October 2003
Total index 93.76 1.6 2.1
Oil and gas extraction 86.35 2.8 -1.3
Manufacturing, mining and quarrying 99.65 0.4 2.5
Electricity, gas and steam supply  246.59 6.0 34.6

One decimal from January 2004

Starting with the publishing of January figures all indices will be produced with one decimal. Two decimals have a tendency to give an exaggerated impression of the accuracy of the estimates. In addition we want to harmonize the indices with common practice - where one decimal is used.