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199144
Price rises in crude oil and petroleum products
statistikk
2015-05-11T10:00:00.000Z
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 was unchanged from March to April 2015.

Producer price index, April 2015

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Price rises in crude oil and petroleum products

A price rise in crude oil moderated a decline in ‘Extraction and related services’ from March to April. Higher prices for refined petroleum products have resulted in a rise in Norwegian manufacturing. Electricity prices were higher in April this year than in April last year.

Producer price index. 2000=100Published 11 May 2015
Per centIndexWeights1
April 2015 / March 2015April 2015 / April 2014April 2015
1The weights are updated annually, and are valid for the entire year.
Industrial Classification
Extraction, mining, manufacturing and electricity0.0-5.6232.41 000.0
Extraction and related services-0.1-12.1331.9460.7
Mining and quarrying1.41.3171.39.0
Manufacturing0.2-0.1160.6488.6
Food, beverages and tobacco-0.27.3165.3106.4
Refined petroleum, chemicals, pharmaceuticals2.5-13.3190.4125.4
Basic metals-2.820.3196.339.1
Machinery and equipment-0.2-0.9151.652.8
Electricity, gas and steam-1.61.8210.441.7

Source: Statistics Norway

The overall producer price index for oil and gas, manufacturing, mining and electricity (PPI) was unchanged from March to April 2015. From April 2014 to April 2015, the overall PPI fell by 5.6 per cent.

The index for 'Extraction and related services', consisting of indices 'Extraction of oil and natural gas' and 'Mining support service activities', declined by 0.1 per cent. The higher price of crude oil moderated the price decline.

The price of crude oil, Brent Blend, rose to an average of 475 US dollars per barrel in April. This corresponds to an increase of about 5 per cent from March. The increase in oil price in April was offset by an almost twice as large price decrease of natural gas. This was the reason why the index for 'Extraction of oil and natural gas' was virtually unchanged from March to April 2015. Prices within mining support service activities have fluctuated considerably since the second quarter of 2014 and decreased by 0.5 per cent from March to April.

Petroleum products give rise in manufacturing

Prices in all manufacturing groups combined rose by 0.2 per cent from March to April. The price increase in manufacturing was mainly due to higher prices of refined petroleum products. Prices in manufacturing excluding manufacturing of petroleum products fell, however, by 0.3 per cent. This is the second consecutive month with a decline in the manufacturing, excluding petroleum products, which goes against the upward price trend during the period February 2013-February 2015. Price declines in the following manufacturing groups contributed to the decline in manufacturing from March to April 2015:

  • Basic metals
  • Electrical equipment
  • Food products
  • Paper and paper products

Twelve-month change – fall in crude oil, increase in electricity

Extraction of oil and natural gas and manufacturing of refined petroleum products were the two groups with the largest decline from April 2014 to April 2015. The price decline in both groups was a result of a fall in crude oil prices in this period.

Prices in all manufacturing groups combined fell by 0.1 per cent from April 2014 to April 2015. Lower prices of refined petroleum products caused the fall. Basic metals and food products had a powerful price increase from April 2014 to April 2015, despite the price decline form March to April 2015.

Electricity prices were 1.8 per cent higher in April 2015 compared with April 2014. Electricity prices remained low throughout 2014 and 2015, and it is the first time during this period we have seen a positive twelve-month growth.