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

Prices within oil and gas extraction increased by 5 per cent from August to September. Figures from London Spot Markets (LSM) show a 6 per cent increase in prices of crude oil this period (Brent Blend - measured in NOK). Manufacturing prices went up 1.1 per cent, mainly due to higher prices of refined petroleum products and chemicals. LSM showed a 10 per cent increase in prices of heavy fuel oil, while unleaded gasoline increased by about 3.5 per cent. Electricity prices went up 13.8 per cent and contributed somewhat to the total increase.

According to the main industrial groupings energy goods went up 5.5 per cent since August while prices of consumer goods and capital goods remained about the same.

Increased 12-month rate

The 12-month rate for the total index continues to be negative, but has shown some improvement since June this year when prices were 12.2 per cent lower than in the same period in 2001. After being -5.7 per cent in August, it was -2.4 per cent in September.

The 12-month rate for oil- and gas extraction and manufacturing both went up from August to September. Prices in these groups were 4.1 and 3.2 per cent lower than in September 2001. Lower prices for refined petroleum products and basic metals are major reasons for declining manufacturing prices compared with last September. Improvements in the same groups also contribute much to the development in the 12-month rate for manufacturing, which went from -3.8 per cent in August to -3.2 per cent in September. In addition the 12-month rate for chemicals and chemical products went from -2.4 per cent to -1.2 per cent. The improvement in the total index was also somewhat influenced by the development in the 12-month rate for electricity, which went from 0.9 per cent in August to 12.8 per cent in September.