Producer price index, 15 November 2003

An increase of 4.3 per cent in basic metals was a major contributor to the increase in manufacturing prices. Basic metal prices have shown a steady upturn throughout 2003 and prices are up 16 per cent compared with last December. The non-ferrous metals showed a 21 per cent rise in the same period. Last month's figures from London Metal Exchange showed a 9 per cent rise in prices of nickel and a good 7 per cent rise in copper (measured in NOK). The demand for nickel has increased and prices have only been this high once since 1990. Food prices continue to increase and prices are up 0.4 per cent compared with last month, while refined petroleum products have increased by 1.3 per cent.

Prices within oil- and gas extraction went down 1.5 per cent from October to November. Figures from London Spot Markets showed a 2 per cent decline in prices of crude oil (Brent Blend measured in NOK). Electricity prices showed a moderate 2 per cent increase compared with last month. Warmer weather and a good amount of precipitation in some areas dampened the rise.

Among the main industrial groupings energy goods went down by 1 per cent, while intermediate goods increased by 1 per cent. Consumer goods rose by 0.3 per cent.

12-month rate, November 2002 to November 2003

Manufacturing prices have increased by 4 per cent the last 12 months. The largest rise occurred for basic metals, where prices are up by 15 per cent. Refined petroleum products have increased by 11.8 per cent since last November, while the 12-month rate in October was 1 per cent. This development is due to prices in this group showing a small increase from October to November this year, while the same period last year showed an 8 per cent drop. Chemicals and chemical products are now 6.7 per cent higher than in last November.

Among the main industrial groupings energy goods have increased by 11 per cent, while intermediate goods are up by about 5 per cent. As last month, consumer goods are up by 1.2 per cent.

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

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.