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Oil price pushes up PPI
statistikk
2016-04-11T10:00:00.000Z
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 decreased by 1.3 per cent from February to March 2016.

Producer price index, March 2016

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Oil price pushes up PPI

After three months of decline, the producer price index (PPI) was up 1.3 per cent from February to March. An increase in the price of oil is the most important factor for the overall rise, along with higher prices of electricity and salmon.

Producer price index. 2000=100Published 11 April 2016
Industrial ClassificationIndex change in per centIndexWeights1
February 2016 - March 2016March 2015 - March 2016
1The weights are updated annually, and are valid for the entire year.
Extraction, mining, manufacturing and electricity1.3-14.9197.61 000.0
 
Extraction and related services2.3-29.7233.5405.4
Mining and quarrying2.67.3181.47.6
Manufacturing0.2-3.5154.6544.6
Food products1.05.3175.4117.0
Refined petroleum products2.5-26.3137.879.1
Basic metals-0.3-15.2171.245.7
Machinery and equipment0.04.6158.959.2
Electricity, gas and steam5.26.5227.942.4

Source: Statistics Norway

Prices within extraction of crude oil and natural gas increased by 2.9 per cent from February to March, which was a significant reason for the overall rise in the PPI. This was the first month since September 2015 that the combined prices of Norwegian oil and gas have shown a rise. The price of oil increased, while the price of natural gas was down from February to March.

Manufacturing prices lifted by food and petroleum products

The manufacturing industries saw an overall increase in prices of 0.2 per cent from February to March. The prices of food were among the main factors behind the rise, with a growth of 1.0 per cent, to a large extent due to higher prices of salmon. Furthermore, prices of refined petroleum products increased by 2.5 per cent. The rise is probably related to higher prices of crude oil in the last two months.

The price of electricity went up 36.7 per cent from December to January and down 21.6 per cent from January to February. From February to March, the price was up again, by 5.2 per cent.

The prices of chemical and pharmaceutical products fell by 2.5 per cent. This was mainly caused by a decline in the prices of basic chemicals. In addition, prices in the export market were the main factor behind the overall fall, as prices in the domestic market fell by only 0.2 per cent.

Large fall in export prices last twelve months

The overall PPI fell by 14.9 per cent from March 2015 to March this year. The decline is largely explained by the declining price of crude oil in the second half of 2015. Prices of refined petroleum products have followed the oil price down, and were 26.3 per cent lower in March than twelve months earlier. Prices of metals fell by 15.2 per cent in the same period. One important industry that curbed the falling prices was the food industry, where prices were 5.4 per cent higher than one year ago. These are all goods that are important for Norway’s exports. Looking at the domestic market only, the overall PPI fell by 4.1 per cent from March last year.