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Crude oil up, natural gas down
statistikk
2014-07-10T10:00:00.000Z
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 June 2014

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Crude oil up, natural gas down

The producer price index for oil and gas, manufacturing, mining and electricity (PPI) increased by 0.4 per cent from May to June. Higher prices of crude oil, refined petroleum products and basic metals caused the increase in the PPI. From June 2013 to June 2014, the PPI increased by 1.2 per cent.

Producer price index. 2000=100Published 10 July 2014
Per centIndexWeights1
June 2014 / May 2014June 2014 / June 2013June 2014
1The weights are updated annually, and are valid for the entire year.
Industrial Classification
Extraction, mining, manufacturing and electricity0.41.2244.91 000.0
Extraction and related services0.50.2372.8479.1
Mining and quarrying1.11.1171.211.5
Manufacturing0.64.1161.8463.0
Food, beverages and tobacco-0.14.9155.098.8
Refined petroleum, chemicals, pharmaceuticals1.45.5221.2135.4
Basic metals3.39.4170.036.8
Machinery and equipment0.12.7153.042.0
Electricity, gas and steam-2.6-18.8197.246.4

Source: Statistics Norway

The PPI was 244.9 (with 2000=100) in June, which is 0.4 per cent higher than in May. The price increase in June breaks the downward trend in the PPI in the previous four months.

The increase in the PPI in June was caused by higher prices within extraction of oil and natural gas. Prices in this group rose by 0.9 per cent due to an increase in prices of crude oil, while prices of natural gas dropped for the fifth consecutive month in June. Prices of Brent Blend, measured in NOK, rose by about 3.5 per cent, probably due to the conflict in Iraq. Prices of refined petroleum products increased by 1.8 per cent, as a consequence of the price rises in crude oil. In addition, the prices of basic metals went up by 3.3 per cent due to increased prices of non-ferrous metals as well as iron and steel.

Mining services and electricity weighed down

The increase in the PPI in June was moderated by mining support service activities and electricity. The index of mining services fell by 1.4 per cent. This was the second month of decline, after a long period of uninterrupted growth from June 2013 to April 2014. Prices of electricity have fallen since October 2013, and the price decrease was 2.6 in June. Lower system prices on Nord Pool and cheaper electricity sold to Norwegian households caused the price falls.

Twelve month rate – PPI up 1.2 per cent

PPI increased by 1.2 per cent from June 2013 to June 2014. Higher prices of refined petroleum products, food products and basic metals were the main reasons for the increase in the index. Despite the price decline in mining services in May and June 2014, the prices were still 5.4 per cent higher in June this year than in June last year. Lower prices of electricity and within extraction of oil and natural gas helped to curb the rise in the index. The decline in extraction of oil and natural gas was entirely due to the sharp drop in prices of natural gas. Oil prices were about 11 per cent higher in June 2014 than in June 2013.