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Oil and electricity pulled PPI down
statistikk
2014-11-10T10:00:00.000Z
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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The producer price index (PPI) measures price changes for oil and gas, manufacturing, mining and electricity. The PPI decreased by 0.2 per cent from September to October 2014.

Producer price index, 15 October 2014

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Oil and electricity pulled PPI down

The producer price index for oil and gas, manufacturing, mining and electricity (PPI) decreased by 0.2 per cent from September to October. A fall in prices in crude oil and electricity was the main reason behind the decrease in the PPI. From October 2013 to October 2014, the PPI fell by 3.4 per cent.

Producer price index. 2000=100Published 10 November 2014
Per centIndexWeights1
October 2014 / September 2014October 2014 / October 2013October 2014
1The weights are updated annually, and are valid for the entire year.
Industrial Classification
Extraction, mining, manufacturing and electricity-0.2-3.4241.41 000.0
Extraction and related services0.6-7.8355.6479.1
Mining and quarrying-0.95.1172.811.5
Manufacturing-0.21.7162.1463.0
Food, beverages and tobacco0.14.6157.098.8
Refined petroleum, chemicals, pharmaceuticals-1.3-5.0212.6135.4
Basic metals0.216.1180.936.8
Machinery and equipment1.33.4156.442.0
Electricity, gas and steam-6.7-14.8228.346.4

Source: Statistics Norway

The PPI was 241.4 (with 2000=100) in October, which is 0.2 per cent down from September. A fall in prices of electricity and crude oil explains the decrease in the total index in October. Electricity prices fell by 6.7 per cent and offset the price increase in electricity recorded in September. The price of crude oil, Brent Blend measured in NOK, fell for the fourth consecutive month in October. The price fall in October was almost 7 per cent. Despite the decrease in the price of crude oil, the index for industrial group ‘extraction of oil and natural gas’ increased by 0.3 per cent. This increase can entirely be explained by a rise in prices of natural gas.

Lower prices in manufacturing

The index for manufacturing decreased by 0.2 per cent from September to October. The following industrial groups caused the decrease in the index for manufacturing:

  • Refined petroleum products
  • Chemical and pharmaceutical products
  • Repair and installation of machinery

Price increases within basic metals and machinery and equipment dampened the decrease in manufacturing.

Twelve month rate – PPI down 3.4 per cent

The PPI decreased by 3.4 per cent from October 2013 to October 2014. This was mainly due to a decline in the index for extraction of oil and natural gas as well as electricity. Prices within basic metals and food products dampened the decrease in the PPI.