276449_not-searchable
/en/priser-og-prisindekser/statistikker/ppi/maaned
276449
Price leap of crude oil and natural gas
statistikk
2017-01-10T08:00:00.000Z
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
false
The producer price index (PPI) measures price changes for oil and gas, manufacturing, mining and electricity. The PPI rose by 5.1 per cent from November to December 2016.

Producer price index, December 2016

Content

Published:

This is an archived release.

Go to latest release

Price leap of crude oil and natural gas

The PPI went up 5.1 per cent from November to December. The main contributors to the leap were prices within oil extraction and natural gas which rose by 17.3 per cent. The rise of the total PPI was counteracted by a decrease of prices of electricity – which fell by 12.4 per cent last month.

Producer price index. 2000=100Published 10 January 2017
Industrial ClassificationIndex change in per centIndexWeights1
November 2016 - December 2016December 2015 - December 2016
1The weights are updated annually, and are valid for the entire year.
Extraction, mining, manufacturing and electricity5.17.2225.01 000.0
 
Extraction and related services14.89.0293.6405.4
Mining and quarrying1.40.1177.67.6
Manufacturing0.73.4162.7544.6
Food products0.35.7180.3117.0
Refined petroleum products2.114.1182.279.1
Basic metals2.86.0186.945.7
Machinery and equipment0.2-0.9158.959.2
Electricity, gas and steam-12.442.2287.542.4

Source: Statistics Norway

The price of crude oil, Brent Blend, increased by 18 per cent from November to December after agreements on cut in oil production between OPEC and other petroleum exporting countries. 

Also the price of natural gas increased substantially in December, and reached its highest level in 2016. Within extraction of oil and gas, prices rose by 17.3 per cent. 

The increases in prices of extraction of oil and natural gas were the main contributors to the rise in the total PPI of 5.1 per cent in December. The PPI without energy goods went up only 0.4 per cent. 

Prices of electricity decreased by more than 12 per cent

The leap in the total PPI was counteracted by the fall in prices of electricity by 12.4 per cent.

This was after electricity prices had risen continuously from August to November.

PPI at the domestic market - down 0.1 per cent

Petroleum and natural gas are substantially less weighted at the domestic market compared to the export market, while the prices of electricity are weighted higher at the domestic market. From November to December prices of oil and gas rose a lot, while electricity prices fell. These two movements nearly offset each other in the total PPI at the domestic market, and resulted in a slight decrease of 0.1 per cent.