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12773
Higher prices of crude oil and natural gas
statistikk
2010-07-09T10:00:00.000Z
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 June 2010

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Higher prices of crude oil and natural gas

The Producer price index (PPI) increased by 2.3 per cent from May to June 2010. The increase is due to higher prices of crude oil and natural gas. Manufacturing was characterized by more moderate price changes.

Price development for selected industries. 2000=100

Higher prices in extraction of oil and natural gas were the main reason behind the increase in the PPI from May to June, with a price increase of 5 per cent. While the average price of crude oil (Brent Blend in NOK) rose by about 1.4 per cent, the price rise in natural gas was even stronger. Electricity prices fell 1.9 per cent and thus reduced the overall rise in PPI.

PPI excluding energy goods remained almost unchanged from May to June.

Small changes in prices within manufacturing

The overall index for manufacturing industries shows no change from May to June. This is caused in part by small price changes for some industries, and to some extent different price developments between other industries. Two industries which experienced price increases, was chemical and pharmaceutical products together with paper and paper products, with 1.2 and 2.2 per cent higher prices respectively.

The prices in basic metals, which have increased continually since October last year, fell by 2.8 per cent from May to June. This was mainly due to 3.9 per cent lower prices in non-ferrous metals. Several of the basic metals, including nickel and zinc, traded in London Metal Exchange (LME), were traded at lower prices in June compared to May. Higher prices of iron and steel moderated the overall price drop in basic metals.

Twelve month change: PPI up 11.4 per cent

PPI increased by 11.4 per cent from June 2009 to June 2010. During this period a number of industries have experienced price increases, but the growth has been strongest in oil and gas extraction together with basic metals.

Although PPI increased by 11.4 per cent in this twelve month period, the twelve month change decreased by 7 per cent from May to June 2010. This decline was partly due to the prices in oil and gas extraction, which rose considerably more from May to June in 2009 compared to the same period this year.

Producer price index. 2000=100
  June 2010 Changes, per cent
  May 2010-June 2010 June 2009-June 2010
Total index  208.3 2.3 11.4
       
Extraction of oil and natural gas  287.6 5.0 22.1
Manufacturing, mining and quarrying  144.9 0.0 3.7
Electricity, gas and steam supply  296.5 -1.9 11.3
       
Main industrial groupings      
Intermediate goods  137.2 -0.2 6.8
Investment goods  125.4 0.2 -1.2
Consumer goods  126.0 0.1 2.6
Energy goods  276.7 3.9 18.9

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