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Higher prices of crude oil and natural gas
statistikk
2013-12-10T10:00:00.000Z
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 November 2013

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Higher prices of crude oil and natural gas

The Producer price index (PPI) increased by 0.6 per cent from October to November 2013, mainly due to higher prices within extraction of oil and natural gas. From November 2012 to November 2013, the PPI increased by 3.2 per cent.

Producer price index. 2000=100Published 10 December 2013
Per centIndexWeights1
November 2013 / October 2013November 2013 / November 2012November 2013
1The weights are updated annually, and are valid for the entire year.
Industrial Classification
Extraction, mining, manufacturing and electricity0.63.2251.31 000.0
Extraction and related services1.22.8390.1482.3
Mining and quarrying-0.42.2163.89.6
Manufacturing0.12.2159.5466.1
Food, beverages and tobacco0.85.1151.394.6
Refined petroleum, chemicals, pharmaceuticals-0.62.0222.5136.5
Basic metals0.3-3.4156.341.3
Machinery and equipment0.03.1151.347.9
Electricity, gas and steam-1.613.8263.842.0

Source: Statistics Norway

The PPI was 251.3 in November 2013. The overall index rose by 0.6 per cent from October to November, mainly due to higher prices of crude oil and natural gas.

Prices within extraction of oil and natural gas increased by 1.3 per cent from October to November, in which crude oil, Brent blend, measured in NOK, rose by 0.3 per cent. Another strong contribution behind the rise in the overall index came from mining support service activities, where prices increased by 0.5 per cent.

Minimal price rise within manufacturing

For the second consecutive month, prices within manufacturing rose by 0.1 per cent. In the domestic market, prices rose slightly, and they similarly decreased in the export market. The main reason behind the higher manufacturing prices was the increase in meat and fish prices in the food industry. Fish such as salmon, trout and herring had the greatest impact.

Other industries with increasing prices were paper and paper products, as well as wood and wood products. Prices within basic metals and non-metallic mineral products also rose.

A decline in prices within refined petroleum, chemicals and pharmaceutical products, particularly in chemicals, curbed the overall rise in PPI.

Electricity prices fell by 1.6 per cent. Both the spot price on the Nordic power exchange; Nord Pool, and electricity to Norwegian households fell during the period.

Weaker price rise in the domestic market

Export prices rose more than prices in the home market in November. This was despite a price decrease within manufacturing in the export market and an increase in manufacturing prices in the domestic market. The high weight of crude oil and natural gas combined with higher inflation for this group in the export market explains why export prices increased more than the price of goods sold to the Norwegian market.

Twelve-month change: 3.2 per cent higher prices

The PPI rose by 3.2 per cent from November 2012 to November 2013, mainly due to higher prices in the domestic market. Key reasons for the increase in PPI were higher prices within extraction of oil and natural gas, as well as higher electricity prices, with increases of 2.9 and 13.8 per cent respectively. Within food products and mining support service activities, prices increased by 5.2 and 2.6 per cent. Falling prices of basic metals contributed strongly to moderate inflation over the past twelve months.