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Higher prices on petroleum products
statistikk
2015-04-10T10:00:00.000Z
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 increased by 3.1 per cent from February to March 2015.

Producer price index, March 2015

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Higher prices on petroleum products

The producer price index (PPI) increased by 1.3 per cent from February to March 2015. Higher prices in ‘extraction of oil and natural gas’ as well as related services had the strongest influence. Manufacturing prices rose mainly due to refined petroleum products.

Producer price index. 2000=100Published 10 April 2015
Per centIndexWeights1
March 2015 / February 2015March 2015 / March 2014March 2015
1The weights are updated annually, and are valid for the entire year.
Industrial Classification
Extraction, mining, manufacturing and electricity1.3-6.1232.31 000.0
Extraction and related services2.7-12.6332.3460.7
Mining and quarrying0.00.0169.09.0
Manufacturing0.8-0.2160.2488.6
Food, beverages and tobacco0.47.7165.7106.4
Refined petroleum, chemicals, pharmaceuticals5.1-15.7185.7125.4
Basic metals2.426.7201.939.1
Machinery and equipment-4.6-0.4151.952.8
Electricity, gas and steam-7.4-2.0213.941.7

Source: Statistics Norway

The main reason behind the increase in the total index of 1.3 per cent was higher prices in the industry ‘extraction of oil and natural gas’. Both the price on crude oil Brent Blend and natural gas rose during this period. The oil price increased by 1.1 per cent.

Slight price increase in Norwegian manufacturing

Within manufacturing industries, prices rose by 0.8 per cent from February to March. A 7.8 per cent price rise within refined petroleum products had the strongest influence on manufacturing prices during this period. Excluding petroleum products, the index for manufacturing fell by 0.6 per cent. Higher prices within refined petroleum products were mainly caused by increasing export prices.

Other manufacturing industries that contributed to the rise in manufacturing were basic metals and food products. Within basic metals, non-ferrous metals had the strongest influence. Within food, prices rose mainly due to higher prices on meat and meat preparations as well as feeding stuff for animals.

Lower prices within electricity, machinery and equipment as well as fabricated metal products moderated the rise in the total PPI from February to March.

Twelve-month rate – PPI down 6.1 per cent

The PPI decreased by 6.1 per cent from March 2014 to March 2015. Lower prices within ‘extraction of oil and natural gas’ and ‘refined petroleum products’, with 15.8 and 22.2 per cent respectively, caused the decline in the total index.

Rising prices within basic metals and food products dampened the decrease in the PPI, in the same way as the previous month.