The total price increase in the PPI of 3.0 per cent resulted mainly from higher prices within energy goods. In Norway, production and distribution of electricity are the principal parts of this group. rose by almost 23 per cent in November. The price of electricity increased in November and according to weekly reports from the Norwegian Water Resources and Energy Directorate (NVE), colder weather led to increased electricity demand. In addition, low power production from wind and solar in Europe has led to lower supply.

The price of natural gas continued upwards in November and remains at a high level. Combined with a price increase in refined petroleum products of 11.5 per cent, energy goods rose with 4.9 per cent.

For PPI excluding energy goods, there was a moderate increase of 0.8 per cent from October to November.

Figure 1. Price index. 2015 = 100

Moderate price increase in manufacturing

Prices in manufacturing rose by 2.3 per cent in November, which was almost the same as in October. In November, refined petroleum products had a large increase of 11.5 per cent and contributed the most to the upturn.

Prices in manufacturing excluding refined petroleum products, had only a moderate rise of 0.9 per cent in November. There were increasing prices for food products by 1.7 per cent, and where the subgroup processing and preserving of fish etc. increased by 3.3 per cent. Basic metals rose by 1.4 per cent, which is at a much lower growth rate than in October. The price growth for wood and wood products are moderate and the price surge that have seen in recent months seems to be slowing down. The prices for November had a small increase of 0.5 per cent.