The changes in the prices that Norwegian manufacturers got for their manufactured goods contributed to the total increase of the PPI, which grew with a little more than 2 percent from January to February. The prices for natural gas and electricity continued to decline between January and February and dampened the overall growth in the PPI.
Increased prices for refined petroleum products, basic metals, basic chemicals, and fish
The price index for the manufacturing sector saw a total increase of 3.4 percent in February. The largest contributor to the growth of in manufacturing prices came from the prices for refined petroleum products, non-ferrous metals, and basic chemicals. Refined petroleum products and basic chemicals had large impacts in both the domestic- and the export market. The prices in non-ferrous metals manufacturing showed a larger impact on the export market than on the domestic market. And the increase in prices of aluminium and nickel were particularly important for the overall price increase in this industry group. These prices were in large part determined by supply and demand in global markets. For the global markets, spot prices from the London Metal Exchange (LME) indicates that aluminium alloys had a price increase of well over 11 percent in February, while the spot price on nickel rose with almost 9 percent (Prices from LME are international reference prices in Norwegian krone (NOK) and not from the Norwegian PPI).
Prices for refined petroleum products, basic metals, basic chemicals, and processing and preserving of fish, crustaceans and molluscs have also seen relatively strong growth throughout 2021 and so far in 2022; refined petroleum product prices increased with over 60 from February last year to February this year. The prices are closely related to the growth in crude oil prices during the same period.
Prices from Processing and preserving of fish, crustaceans and molluscs grew with 4 percent and were also a contributor to the overall growth in manufacturing prices in February.