Commodity price index for the industrial sector (discontinued), 15 June 2002

After increasing in March and April, prices of petroleum products declined by 6.2 per cent from May to June. Measured in Norwegian Kroner, figures from London Spot Markets (LSM) show that the price of crude oil (Brent Blend) fell by 10.4 per cent the last month. This decline was highly influenced by a strengthened Norwegian Krone. Figures from LSM also revealed a 10 per cent drop in the price of heavy fuel oil and an 8 per cent decline in prices of unleaded gasoline. Metal prices continue to fall and have decreased more than 15 per cent compared with late 2000. Lower prices of chemicals and chemical products also contributed to the decline in manufacturing prices.

Prices of energy goods went down by 8.4 per cent, while intermediate goods increased by 0.2 per cent.

The 12-monht rate: Prices 5 per cent down

Manufacturing prices have declined by 5 per cent compared with last June. This is mainly due to lower prices of refined petroleum products and basic metals. Prices in these groups declined by 24.2 per cent and 14.7 per cent, respectively. In addition prices are down on pulp, paper and paper products as well as for chemicals and chemical products.

Manufacturing, 12-month rate continues down

Lower prices of refined petroleum products and basic metals continue to be the greatest contributors to the development in the 12-month rate for manufacturing, which went from -4 per cent in May to -5 per cent in June. In this period the 12-month rate for refined petroleum products went from -19.2 per cent to -24.2 per cent. Other reasons for the decline were lower prices of chemicals and chemical products as well as prices of food product increasing less from May to June than in the same period last year.