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Lower prices of oil, natural gas and oil products
statistikk
2013-11-11T10:00:00.000Z
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 October 2013

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Lower prices of oil, natural gas and oil products

The Producer price index (PPI) decreased by 0.6 per cent from September to October 2013, mainly due to lower prices of oil, natural gas and refined petroleum products. From October 2012 to October 2013, the PPI increased by 2.3 per cent.

Producer price index. 2000=100Published 11 November 2013
Per centIndexWeights1
October 2013 / September 2013October 2013 / October 2012October 2013
1The weights are updated annually, and are valid for the entire year.
Industrial Classification
Extraction, mining, manufacturing and electricity-0.62.3249.91 000.0
Extraction and related services-1.51.7385.5482.3
Mining and quarrying1.21.3164.49.6
Manufacturing0.11.3159.4466.1
Food, beverages and tobacco-0.14.5150.194.6
Refined petroleum, chemicals, pharmaceuticals0.00.3223.8136.5
Basic metals0.3-5.1155.841.3
Machinery and equipment0.03.1151.347.9
Electricity, gas and steam2.417.3268.042.0

Source: Statistics Norway

The PPI was 249.9 in October 2013. The overall index fell by 0.6 per cent from September to October, mainly due to decreasing prices of oil, natural gas and petroleum products. Higher electricity prices moderated the decline in the total PPI.

Price drop for oil, natural gas and oil products

Prices within extraction of oil and natural gas decreased by 1.9 per cent from September to October. This was mainly due to a 2.6 per cent price drop in crude oil, Brent blend, measured in NOK. The price of natural gas moved in the same direction. Prices within refined petroleum products fell by 1.5 per cent, and this can also be explained by the lower price of crude oil, Brent blend.

Higher prices of electricity and basic chemicals

The prices within electricity, gas and steam have risen continuously since June 2013, and from September to October, prices increased by 2.4 per cent. For basic chemicals, prices rose 6.1 per cent, with prices in the domestic market having the strongest influence. Prices of basic chemicals normally vary from month to month, but for October prices were historically high.Prices within extraction and related services also increased from September to October.

Twelve-month change: 2.3 per cent higher prices

PPI rose by 2.3 per cent from October 2012 to October 2013, mainly due to a 17.3 per cent rise in electricity prices. Another important contribution came from extraction of oil and natural gas, where prices increased by 1.8 per cent. Prices of food products also played a large role in bringing the PPI up. Prices within refined petroleum products and basic metals, on the other hand, fell by 3.0 and 5.1 per cent from October 2012 to October 2013, and were the strongest contributor to lowering the total rise in PPI over the last twelve months.