Prices of Manufacturing rose by 2.9 per cent in July. The largest contribution came from price increases for refined oil products. Metal prices rose by 5.8 per cent. Figures from LME show that the spot price of aluminum (alloy) increased by 10 per cent in July, while the spot price of nickel increased by 9 per cent. Steel prices also rose significantly last month. The sub-index for metals in the PPI has risen continuously over the last twelve months and has increased by 31.9 per cent since July 2020. The metal index in July was well above the level in October 2019.

Figure 1. Price index. 2015 = 100

Energy products rose by 7.9 per cent in July. The largest contribution came from a price increase of natural gas. Prices also rose for crude oil and electric power. The spot price for electricity increased by almost 27 per cent last month, according to figures from Nordpool. The price increase was largest in southern Norway. The sharp increase in the spot price of electricity is partly related to increased prices for CO2 quotas in Europe.