Producer price index, 15 September 2006

The Producer price index fell by 5.1 per cent from August to September. The main contributer to the fall was the drop in the spot price of crude oil (Brent Blend) by 12.3 per cent. An increase in the US oil stocks contributed to the fall.

Even the prices of refined petroleum products dropped by 13.1 per cent from August to September. This contributed to a decrease in manufacturing prices of 1.5 per cent. Also prices of food products, beverages, tobacco fell by 0.6 per cent. On the other hand, prices of basic metals rose by 3.8 per cent. These prices have grown continually since June by 13.3 per cent Basic chemicals increased 1.0 per cent last month.

12-month rate: 9.8 per cent decrease in prices of refined petroleum products

Compared to September 2005, manufacturing prices have grown by 5.4 per cent. Non-ferrous metals contributed most with a large increases of prices by 55.6 per cent. Among the non-ferrous metals aluminium and nickel were the most important. The price of nickel has leaped 122 per cent the last twelve months, according to London Metal Exchange. For the prices of refined petroleum products, the twelve month rate was negative for the first time since March 2004. The decline was 9.8 per cent and the price slump last month was the main reason.

The Producer Price Index increased by 5.0 per cent the last twelve months. The spot price of crude oil (Brent Blend) decreased by 1.0 per cent, while prices of electricity went up 88.7 per cent.

Among the main industrial groupings, energy, investment and intermediate goods went up by 2.7, 1.8 and 15.9 per cent, compared with figures from September last year.