This is an archived release.
Price rises in crude oil and petroleum products
A price rise in crude oil moderated a decline in ‘Extraction and related services’ from March to April. Higher prices for refined petroleum products have resulted in a rise in Norwegian manufacturing. Electricity prices were higher in April this year than in April last year.
|April 2015 / March 2015||April 2015 / April 2014||April 2015|
|1The weights are updated annually, and are valid for the entire year.|
|Extraction, mining, manufacturing and electricity||0.0||-5.6||232.4||1 000.0|
|Extraction and related services||-0.1||-12.1||331.9||460.7|
|Mining and quarrying||1.4||1.3||171.3||9.0|
|Food, beverages and tobacco||-0.2||7.3||165.3||106.4|
|Refined petroleum, chemicals, pharmaceuticals||2.5||-13.3||190.4||125.4|
|Machinery and equipment||-0.2||-0.9||151.6||52.8|
|Electricity, gas and steam||-1.6||1.8||210.4||41.7|
The overall producer price index for oil and gas, manufacturing, mining and electricity (PPI) was unchanged from March to April 2015. From April 2014 to April 2015, the overall PPI fell by 5.6 per cent.
Extraction and related services – crude goes up, gas goes down
The index for 'Extraction and related services', consisting of indices 'Extraction of oil and natural gas' and 'Mining support service activities', declined by 0.1 per cent. The higher price of crude oil moderated the price decline.
The price of crude oil, Brent Blend, rose to an average of 475 US dollars per barrel in April. This corresponds to an increase of about 5 per cent from March. The increase in oil price in April was offset by an almost twice as large price decrease of natural gas. This was the reason why the index for 'Extraction of oil and natural gas' was virtually unchanged from March to April 2015. Prices within mining support service activities have fluctuated considerably since the second quarter of 2014 and decreased by 0.5 per cent from March to April.
Petroleum products give rise in manufacturing
Prices in all manufacturing groups combined rose by 0.2 per cent from March to April. The price increase in manufacturing was mainly due to higher prices of refined petroleum products. Prices in manufacturing excluding manufacturing of petroleum products fell, however, by 0.3 per cent. This is the second consecutive month with a decline in the manufacturing, excluding petroleum products, which goes against the upward price trend during the period February 2013-February 2015. Price declines in the following manufacturing groups contributed to the decline in manufacturing from March to April 2015:
- Basic metals
- Electrical equipment
- Food products
- Paper and paper products
Twelve-month change – fall in crude oil, increase in electricity
Extraction of oil and natural gas and manufacturing of refined petroleum products were the two groups with the largest decline from April 2014 to April 2015. The price decline in both groups was a result of a fall in crude oil prices in this period.
Prices in all manufacturing groups combined fell by 0.1 per cent from April 2014 to April 2015. Lower prices of refined petroleum products caused the fall. Basic metals and food products had a powerful price increase from April 2014 to April 2015, despite the price decline form March to April 2015.
Electricity prices were 1.8 per cent higher in April 2015 compared with April 2014. Electricity prices remained low throughout 2014 and 2015, and it is the first time during this period we have seen a positive twelve-month growth.
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