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Higher export prices
statistikk
2017-03-10T08:00:00.000Z
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
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The producer price index (PPI) measures price changes for oil and gas, manufacturing, mining and electricity. The PPI rose by 2.7 per cent from January to February 2017.

Producer price index, February 2017

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Higher export prices

The PPI went up by 2.7 per cent from January to February. Prices rose within several of the important export industries including fish, metals and refined petroleum. However, the most important contributor for the rise in the PPI was an increase in the price of natural gas.

Producer price index. 2000=100Published 10 March 2017
Industrial ClassificationIndex change in per centIndexWeights1
January 2017 - February 2017February 2016 - February 2017
1The weights are updated annually, and are valid for the entire year.
2Water supply is included in the PPI from January 2017.
Extraction, mining, manufacturing and electricity2.718.8231.81 000.0
 
Extraction and related services4.531.7300.6354.1
Mining and quarrying-0.87.2189.510.5
Manufacturing1.99.5169.0575.3
Food products1.54.2180.9133.2
Refined petroleum products7.364.0220.669.7
Basic metals4.516.1199.549.4
Machinery and equipment0.21.5161.352.9
Electricity, gas and steam1.629.9281.654.8
Water supply20.0..195.65.3

Source: Statistics Norway

The PPI rose for the fifth month in a row from January to February. This is, among other things, due to prices within extraction of crude oil and natural gas, which has for the most part been trending upwards in that same period. The PPI as a whole has mostly been trending upwards since the start of 2016. This is reflected by the twelve month change which was at 18.8 per cent in February. This must be seen in context with the price of crude oil (Brent Blend) which has been around $55 a barrel through the start of 2017, versus prices of around $30 - $35 a barrel back in the start of 2016.

Higher prices on exported goods

It was a price increase of 5 per cent within extraction of oil and natural gas from January to February. The price of oil, measured in Norwegian kroner, went slightly down so it was higher prices of natural gas that drove the rise. In addition to natural gas extraction, prices went up in several of the important exporting industries including:

  • Refined petroleum products
  • Metals
  • Fish
  • Basic chemicals

Still increasing prices within the manufacturing industry

Prices within the manufacturing industry as a whole rose for the fifth month in a row and were 9.5 per cent higher than February last year. This was mainly caused by a price increase within refined petroleum products of 64 per cent during that same stretch. However, if refined petroleum products are excluded, the prices within manufacturing still rose for the fourth month in a row and were still higher than February last year.