Commodity price index for the industrial sector (discontinued), 15 July 2001

Together with reduced prices of oil and electricity the fall in manufacturing, mining and quarrying caused the total index to fall by 7.4 per cent from last month. The most important factor was reduced prices of oil. The price of crude oil (Brent Blend) sold at the London Spot Markets fell by almost 13 per cent (measured in NOK) from June to July.

Within manufacturing the prices fell or remained unchanged in 10 of the 15 groups. The most important price decline came from groups such as refined oil products and basic metals, which had a price decline of 5.4 and 2.8 per cent, respectively. Of the groups that showed a price increase since June food products was the most important one together with prices of some textiles and mineral products.

Reduced price growth the last 12 months

The 12-month rate (July 2000 - July 2001) for the refined oil products was minus 3.3 per cent after 10.7 in May and 3.1 per cent in June. The prices of basic metals also had lower prices in July than the same period last year, 2.8 per cent lower according to the index.

The 12-month rate in manufacturing, mining and quarrying shows a slightly falling trend. In May the 12-month rate was 3.1 per cent, declining to 2.4 per cent in June. In July the prices were only 1.2 per cent higher than the same period last year. The main explanation can be found in the reduced prices of refined oil products.

According to the main industrial groupings the prices of energy goods fell by 11 per cent from June to July. This brought the 12-month rate from 2.3 per cent in June to minus 7.1 per cent in July. All main industrial groupings had somewhat weaker 12-month rate in July compared with June.