Manufacturing prices rose by 1.7 per cent in October. The most important explanation for the rise was higher prices in the petroleum and coal industry, which increased for the third month in a row. There were also price increases for several manufacturing sectors in October.
– Disregarding refined petroleum products, prices in the manufacturing sectors have increased for the first time in five months, says Espen Kristiansen, head of section at Statistics Norway.
Prices on chemicals increased for the first time since May this year, mostly due to higher prices on the export market. Prices on food products also rose after two months of falling prices, with fish, shellfish and molluscs making a strong contribution.
Continuation of the price decline for meat and meat preparations
After two months of falling prices, prices rose again in the food industry in October. There were price increases in most food groups.
At the same time, the prices of meat and meat preparations fell further in October after a historically large price drop in September. The price drop was nevertheless more moderate than in September. Prices of meat and meat products are now approaching the price level for October last year (just 1.7 per cent higher). However, if we go back to April this year, the prices of meat and meat products were 10 per cent above prices in April last year.
Within the food industry as a whole, we also see that the twelve-month growth continues to decline from the exceptionally high levels last year and during the spring this year. From October 2022 to October 2023, prices on food products increased by 6.5 per cent, down from twelve-month growth of 20 per cent earlier this year.
Higher prices on exported goods
Within manufacturing there was a greater price increase on the export marked than the domestic market. Prices on goods sold in Norway increased by 0.7 per cent, while export prices rose by 3.4 per cent. In October, the dollar and euro strengthened against the Norwegian krone and this may have contributed to higher export prices.
Price rise for energy goods
The prices of Consists of refined petroleum products, extraction of oil and natural gas as well as electricity, gas and steam. increased by 8.2 per cent in October, mainly because of higher prices within extraction of oil and natural gas. The index for In Norway, production and distribution of electricity are the principal parts of this group. also pointed upwards in October. Among other things, the spot price of electricity rose sharply from a low level in September.