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Crude oil up, electricity down
statistikk
2015-07-10T10:00:00.000Z
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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The producer price index (PPI) measures price changes for oil and gas, manufacturing, mining and electricity. The PPI increased by 0.3 per cent from May to June 2015.

Producer price index, June 2015

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Crude oil up, electricity down

The PPI increased by 0.3 per cent from May to June. Higher prices of crude oil and natural gas as well as an increase in export prices in manufacturing pulled the total up. A significant drop in electricity prices moderated the increase in the PPI.

Producer price index. 2000=100Published 10 July 2015
Industrial ClassificationIndex change in per centIndexWeights1
June 2015 / May 2015June 2015 / June 2014
1The weights are updated annually, and are valid for the entire year.
Extraction, mining, manufacturing and electricity0.3-4.9232.91 000.0
 
Extraction and related services1.7-9.3338.3460.7
Mining and quarrying0.91.2173.29.0
Manufacturing0.2-0.4161.1488.6
Food products-0.86.3165.399.6
Refined petroleum products0.6-19.6195.186.9
Basic metals-0.413.4192.839.1
Machinery and equipment0.1-0.3152.652.8
Electricity, gas and steam-16.9-17.4162.841.7

Source: Statistics Norway

The overall producer price index (PPI) rose by 0.3 per cent from May to June. The main reason for the increase was higher prices within extraction of crude oil and natural gas. The prices for both oil and natural gas rose from May to June, and the whole price increase was due to the depreciation of the Norwegian krone against the US dollar. Measuring in dollar terms, the prices of oil and natural gas went slightly down in June. Meanwhile, prices in several manufacturing groups increased from May to June. Higher export prices within refined petroleum products and computer and electrical equipment led to a positive growth in the index for manufacturing as a whole. Food products and basic metals were two groups that dampened the growth in manufacturing. Prices in the food industry fell slightly due to lower prices of meat and fish, while a decline in the metal industry was caused by price falls for virtually all metals.

Prices within extraction services declined slightly in June. Together with a decline in May and April, prices in this sector fell by about 3.5 per cent from March to June 2015.

Cheaper electricity than last year

Electricity prices fell sharply, by nearly 17 per cent from May to June and dampened the growth in the total PPI. According to Norwegian Water Resources and Energy Directorate, lower power consumption and quick filling of water reservoirs, caused by rainfall and melting snow in the mountains, were the main reasons for the fall in electricity prices. Electricity prices were more than 17 per cent lower in June 2015 than in June 2014. The fact that prices remained at a higher level last year compared with this year can probably be explained by lower water levels in the reservoirs last year.