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12791
Falling prices of oil and petroleum products
statistikk
2009-10-09T10:00:00.000Z
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 September 2009

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Falling prices of oil and petroleum products

Lower prices of crude oil, refined petroleum products and electricity was the main explanation behind the 6.0 per cent drop in the producer price index from August to September. From September 2008 to September 2009 the overall index fell by 6.7 per cent.

Price development for selected product groups. 2000=100

The producer price index decreased by 6.0 per cent from August to September. The fall in the total index is to a large extent related to a bigger drop in the export prices compared to prices at the domestic market. A relatively sharp decrease in prices within extraction of oil and natural gas and electricity prices is the main explanation behind the fall in the overall index. The price of crude oil, Brent blend fell by 9.7 per cent from August to September.

Another drop in manufacturing prices

Prices within manufacturing, mining and quarrying dropped 2.3 per cent from August to September. This is mainly caused by lower prices within refined petroleum products, computer and electrical equipment, as well as lower prices of food products. Prices of refined petroleum products decreased by 8.1 per cent from last month. Within the latter group, prices were characterised by more fluctuation over the last three months compared to the four previous months, when prices increased steadily. Lower prices of fish were the main explanation behind falling prices of food products.

Within the remaining manufacturing industries, except for basic metals, prices were characterised by moderate changes from August to September. A 1.4 per cent rise in the prices of basic metals was mainly driven by higher prices of non-ferrous metals.

Twelve month change: Producer prices down 6.7 per cent

From September 2008 to September 2009, the producer price index decreased by 6.7 per cent. The main reasons for this decline were lower prices within extraction of oil and natural gas, and falling electricity prices, of 7.5 and 55 per cent respectively.

In the same period, prices within manufacturing, mining and quarrying fell by 1.2 per cent. This was mainly caused by lower prices of refined petroleum products and basic metals, which fell 20.1 and 7.2 per cent respectively. Prices within the other manufacturing industries rose from September 2008 to September 2009.

Producer price index. 2000=100
  September 2009 Changes, per cent
  August 2009-September 2009 September 2008-September 2009
Total index  174.0 -6.0 -6.7
       
Extraction of oil and natural gas  208.5 -9.2 -7.5
Manufacturing, mining and quarrying  138.3 -2.3 -1.2
Electricity, gas and steam supply  207.8 -12.2 -55.0
       
Main industrial groupings      
Intermediate goods  132.1 0.2 -2.9
Investment goods  126.4 -0.7 6.6
Consumer goods  123.4 -0.2 4.1
Energy goods  206.9 -9.1 -11.3

For information on the commodity price index for the industrial sectors, see http://www.ssb.no/vppi