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Decrease in food prices
statistikk
2016-09-09T10:00:00.000Z
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 fell by 1.8 per cent from May to June 2016.

Producer price index, August 2016

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Decrease in food prices

Lower prices on crude oil, natural gas and petroleum products contributed to the overall decline in the PPI from July to August, the first since February. Prices on food products fell for the first time in ten months due to lower prices on fish.

Producer price index. 2000=100Published 9 September 2016
Industrial ClassificationIndex change in per centIndexWeights1
July 2016 - August 2016August 2015 - August 2016
1The weights are updated annually, and are valid for the entire year.
Extraction, mining, manufacturing and electricity-1.8-4.7207.51 000.0
 
Extraction and related services-2.6-15.3250.5405.4
Mining and quarrying-1.91.0177.37.6
Manufacturing-1.10.5160.2544.6
Food products-0.76.3179.1117.0
Refined petroleum products-7.6-7.9165.879.1
Basic metals3.5-0.2182.845.7
Machinery and equipment0.14.4159.159.2
Electricity, gas and steam-1.853.0239.942.4

Source: Statistics Norway

PPI fell by 1.8 per cent from July to August. Within extraction of oil and natural gas, prices fell by 3.1 per cent. The oil price went down 2 per cent.

Lower prices within the manufacturing industry

Prices on refined petroleum products fell by 7.6 per cent from July to August, which was driven by lower oil price.

Food prices had its first price decrease in ten months. The price reduction mainly came from lower prices on fish, salmon in particular, due to oversupply in the market. This is fairly common in August when Europe is in holiday mode and demand for salmon is reduced.

Continued price rise on basic metals

Prices on basic metals continued upward for the fourth consecutive month. From July to August, prices rose by 3.5 per cent, mainly due to non-ferrous metals.

Prices on electricity fell by 1.8 per cent from July to August. Still the electricity prices are more than 50 per cent higher compared to the same period last year.