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Higher oil, gas and manufacturing prices
statistikk
2014-01-10T10:00:00.000Z
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 December 2013

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Higher oil, gas and manufacturing prices

The producer price index for extraction, mining, manufacturing and electricity (PPI) rose 1.6 per cent from November to December 2013. Higher crude oil and gas prices contributed the most to the increase. From December 2012 to December 2013, the PPI went up 4.8 per cent.

Producer price index. 2000=100Published 10 January 2014
Per centIndexWeights1
December 2013 / November 2013December 2013 / December 2012December 2013
1The weights are updated annually, and are valid for the entire year.
Industrial Classification
Extraction, mining, manufacturing and electricity1.64.8255.31 000.0
Extraction and related services3.07.4401.8482.3
Mining and quarrying0.2-0.2164.29.6
Manufacturing0.73.4160.6466.1
Food, beverages and tobacco0.35.3151.894.6
Refined petroleum, chemicals, pharmaceuticals1.45.1225.7136.5
Basic metals0.5-2.7157.141.3
Machinery and equipment0.84.0152.547.9
Electricity, gas and steam-4.7-7.7251.542.0

Source: Statistics Norway

The PPI of December 2013 was 255.3 (2000=100); an increase of 1.6 per cent from November 2013.The price rises in the extraction of oil and natural gas and within refined petroleum products were important contributors to the overall rise. A decline in electricity prices had the opposite effect.

The index of extraction of oil and natural gas increased 3.5 per cent from November to December. Both natural gas and crude oil (Brent Blend) rose last month, and for the crude oil the increase measured in Norwegian krone (NOK) was 4.3 per cent. Higher prices within manufacturing also contributed to the PPI growth.

Prices within electricity, gas and steam declined by 4.7 per cent last month, partly due to high temperatures and rain in December.

Growth in manufacturing prices

From November to December, the index of manufacturing had a relatively high increase of 0.7 per cent. Prices increased within a large number of industries. Refined petroleum products and chemical and pharmaceutical production rose 1.8 and 0.5 per cent respectively. Food products went up 0.3 per cent and within this group fish prices contributed the most, with an increase of 1.7 per cent. Prices within machinery and equipment and non-ferrous metals rose by 0.8 and 0.6 per cent respectively.

Twelve-month change: PPI up 4.8 per cent

The PPI rose 4.8 per cent from December 2012 to December 2013. As for the monthly rate, higher prices of extraction of oil and natural gas contributed the most, with an increase of 8.1 per cent. Refined petroleum products, basic chemicals and food products also contributed to the growth in this period, with increases of 5.4, 6.5 and 5.3 per cent respectively. Prices within electricity, gas and steam went down 7.7 per cent and mitigated the growth in the PPI in this twelve-month period.

Annual growth: 0.6 per cent

The annual change in the PPI was 0.6 per cent up from 2012 to 2013, compared with a rise of 2.8 per cent from 2011 to 2012. The main contributor to the annual growth in the PPI was the increase of prices within electricity, gas and steam of 16 per cent. A decline in prices within extraction of oil and natural gas and extraction and related services of 0.2 and 1.7 respectively subdued the growth in the PPI from 2012 to 2013.

Manufactured goods as a whole went down 0.1 per cent from 2012 to 2013. Within the different industries, there were opposing tendencies. Prices of basic metals and refined petroleum products declined 5.2 and 4.5 per cent respectively. Food products, machinery and equipment and chemical and pharmaceutical products experienced the opposite, with price increases of 3.3, 2.1 and 1.5 per cent respectively.