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

From November to December prices of oil and gas extraction products increased by 10 per cent. In this period figures from London Spot Markets revealed a 12 per cent increase in prices of crude oil (Brent Blend measured in NOK). Manufacturing prices went up 0.6 per cent. The largest increases occurred for refined petroleum products and chemicals, where prices went up 5.6 and 2.2 per cent respectively. The development in manufacturing was somewhat reduced due to lower prices of basic metals as well as for electrical and optical equipment. Among the main groups the definitely largest rise occurred for electricity, where prices increased by 45.5 per cent. These prices are now about 150 per cent higher than the low measured last summer.

According to end use prices of energy goods increased by 12 per cent, while the other commodities only showed minor changes.

The 12-month rate: Overall prices up 10 per cent

Overall prices continued to increase in 2002 compared with 2001, and prices are now 10.1 per cent higher than in December 2001. The development from is due to higher prices of both oil and electricity. Prices of oil and gas extraction products increased by about 17 per cent, while the electricity price has soared by about 117 per cent. Manufacturing prices are unchanged. In this group higher prices of refined petroleum products were counteracted by lower prices of basic metals. Also pulp, paper and paper products showed mentionable decreases.