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Price drop within the manufacturing industry
statistikk
2017-04-10T08:00:00.000Z
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 fell by 1.0 per cent from February to March 2017.

Producer price index, March 2017

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Price drop within the manufacturing industry

The PPI decreased by 1 per cent from February to March, the first price drop since September last year. The overall reduction in prices was mainly caused by lower prices on crude oil and refined petroleum products. Also prices on services related to oil and gas extraction fell during this period.

Producer price index. 2000=100Published 10 April 2017
Industrial ClassificationIndex change in per centIndexWeights1
February 2017 - March 2017March 2016 - March 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 electricity-1.016.1229.41 000.0
 
Extraction and related services-1.826.4295.1354.1
Mining and quarrying0.44.9190.310.5
Manufacturing-0.58.7168.1575.3
Food products0.94.1182.6133.2
Refined petroleum products-7.248.6204.869.7
Basic metals2.219.1203.949.4
Machinery and equipment-0.11.4161.252.9
Electricity, gas and steam-2.021.1276.154.8
Water supply20.0..195.65.3

Source: Statistics Norway

Prices within extraction on oil and natural gas fell due to a 2.8 per cent drop in the price of crude oil. Prices on services related to oil and gas extraction continued its downward trend. They were 23.2 per cent lower in March 2017 than in March 2016.

Electricity prices went down 2 per cent. Despite lower electricity prices than last month, they are still 21.1 per cent higher than March last year.

Refined petroleum products pulled down prices within the manufacturing industry

In March, prices within the manufacturing industry moved downwards for the first time in five months. This was due to lower prices on petroleum products. 

The index for metals reaches new heights

The total price drop within the manufacturing industry was dampened by higher prices on food products and basic metals.

Within basic metals, prices rose by 2.2 per cent due to higher prices on non-ferrous metals. Prices increased for the fifth consecutive month and the index for metals ended at its highest level so far. Prices increased strongly after two different events; the election in the US in November last year and signs of improvement in Chinese manufacturing industry in the beginning of 2017. The positive trend within the manufacturing industry also has been visible in Japan, the US as well as in the euro area. There are reasons to believe that the increased metal prices are largely driven by higher demand from one or several of these countries.