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Crude oil prices increased considerably
statistikk
2004-06-10T10:00:00.000Z
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 May 2004

Content

Published:

This is an archived release.

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Crude oil prices increased considerably

The total index increased by 4.9 per cent from April to May, largely due to a 12.6 per cent increase in crude oil prices. Manufacturing prices went up 1.2 per cent.

Limited supply of petrol to the US market and increased oil demand from China pushed crude oil prices up this month. The majority of the manufacturing industries experienced rising prices, and the growth was highest for refined petroleum products. According to the London Spot Market, petrol prices went up by 16.2 per cent. Prices of non-ferrous metals decreased by 5.6 per cent and thus partly offset the rise in overall manufacturing prices. The prices of non-ferrous metals have shown an upward trend since May 2003, but fell this month following signals of restrictive measures in China's economic policy.

Electricity prices continued to fall and went down 2.3 per cent this month. Among the main industrial groupings, prices of consumer goods increased by 0.1 per cent and energy goods by 9.0 per cent. Prices of intermediate goods went up by 0.1 per cent.

12-month rate, May 2003 to May 2004

Compared with May last year, most manufacturing industries have experienced increased prices. Manufacturing prices increased by 8.6 per cent, largely due to higher prices of refined petroleum products, basic metals and chemicals. For these groups, the prices increased by 36.6, 23.9 and 10.4 respectively. Prices of food products increased by 2.4 per cent.

The 12-month rate of the total index was 18.8 per cent. The increase was mainly due to the increase in crude oil prices. Crude oil (Brent Blend measured in NOK) prices ended about 50 per cent higher than May 2003 according to the London Spot Market, and electricity prices were approximately at the same level.

In the main industrial groupings prices of energy goods increased by 33 per cent, while intermediate goods increased by 8.4 per cent.

Producer price index. 2000=100
  May 2004 Changes, per cent
      April 2004-
May 2004 		    May 2003-
May 2004
Total index  104.8 4.9 18.8
Oil and gas extraction  104.5 10.2 35.4
Manufacturing, mining and quarrying  105.9 1.2 8.5
Electricity, gas and steam supply  214.2 -2.3 0.3

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 changes in the producer price index and the commodity price index may show minor deviations due to different index levels and rounding. No extra information is added to the commodity price index.

Commodity price index for the industrial sectors.
2000=100
  May 2004 Changes, per cent
      April 2004-
May 2004 		    May 2003-
May 2004
Total index  109.5 5.0 18.9
Oil and gas extraction  104.5 10.2 35.4
Manufacturing, mining and quarrying  106.1 1.2 8.5
Electricity, gas and steam supply  207.2 -2.4 0.3