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

Prices of basic metals went down 2.9 per cent from July to August, making the total fall since March 12 per cent. Non-ferrous metals showed about a 14 per cent decline in this period. Chemicals and chemical products continued to decline, with prices going down 1.9 per cent from July. Prices of food and fabricated metal products also showed slight decline.

The levelling out of manufacturing prices was mainly due to a 3.7 per cent increase in prices of refined petroleum products. Figures from the London Spot Market revealed a 6.5 per cent increase in crude oil (Brent Blend) prices from July to August. The same source showed higher prices of both heavy fuel oil and unleaded gasoline.

12-month rate: 3.8 per cent lower manufacturing prices

Manufacturing prices have declined 3.8 per cent since last August. This development is highly influenced by the development in prices of refined petroleum products and basic metals. Prices in these groups have declined 17.2 per cent and 14.7 per cent the last 12 months, respectively. Pulp, paper and paper products showed a decline of about 11 per cent in the same period.

Development in the 12-month rate

In August the 12-month rate for manufacturing was -3.8 per cent, after -4.4 per cent in July. The most important reason for the development was the higher prices of refined petroleum products. Prices in this group went up 3.7 per cent from July to August this year, against a 1.1 per cent increase in the corresponding period last year. The 12-month rate for basic metals went from -15.4 per cent in July to -14.7 per cent in August contributing to the total improvement.

The 12-month rate for food, beverages and tobacco has been positive since May 2000, but has revealed a downward trend this year. In January the rate was 4.5 per cent, while prices in August were levelled out compared with August 2001. For food products the 12-month rate went below zero for the first time in more than two years.