Upward trend in manufacturing prices
The PPI fell by 0.8 per cent from April to May. This was to a large degree caused by a lower price of crude oil. The prices within manufacturing fell slightly this month, but have mostly been upward trending the last twelve months.
The twelve-month change in the PPI has been relatively high the last months. From May 2016 to May 2017 the PPI rose 8.9 per cent. However, this was lower than the four previous months. This price growth has mainly been caused by the price of crude oil that has recovered from the low levels at the beginning of 2016. Thus the oil price has been substantially higher in the first quarter of 2017. In addition, the prices within manufacturing have been trending upward the last twelve months.
Price indices. 2014=100
|Manufacturing total||PPI total|
The prices within the manufacturing industry fell by 0.1 per cent this month, but are still 6.5 per cent higher than the same period last year. The trend, for manufacturing prices, has been pointing upward through 2016 and through the start of 2017. Among industries that have contributed to this are fish, refined petroleum products, basic chemicals and metals.
The prices of metals rose for the seventh month in a row in May and were 24 per cent higher than the same period last year. This price growth has to a large degree been driven by higher export prices. In addition, the prices of processed fish have continued the upward trend which more or less has persisted since 2014.