Crude oil and petroleum products pulled up the PPI
The producer price index (PPI) rose by 0.4 per cent from July to August. This broke a downward trend in the PPI as it went down the previous five months.
Higher prices on crude oil, petroleum products and extraction services were the main contributors for the rise. The price of natural gas fell slightly and countered some of the increase. Services related to oil and gas extraction went up 3.3 per cent. This was the second month in a row with an increase and the last time the prices within this industry went up two months in a row was in 2015.
Lower prices in food products
The prices within processed sea food fell 3.7 per cent from July to August while prices on beverages went the other direction. The index for food, beverages and tobacco thus fell 1 per cent. The contribution from food products led to a decrease in the manufacturing industry prices as a whole.
Figure 1. Price indices. 2014=100
|PPI excluding energy goods||PPI total|