Price index of first-hand domestic sales, 15 February 2014

The price index of first-hand domestic sales (PIF) for all groups of goods was 148.9 in February (with 2000=100), the same as the month before. Within most of the main commodity groups, prices increased, while prices within mineral fuels, lubricants and related materials went down 0.9 per cent. The fall of 6.0 per cent of the prices of electricity contributed the most. Prices of machinery and transport equipment went down 0.6 per cent. Here, the most significant contributor was the fall in prices of electrical machinery and apparatus and of road vehicles, which fell 1.7 per cent and 1 per cent respectively.

Commodity groups with price growth

Prices within the main commodity groups food, crude materials, manufactured goods classified by material and miscellaneous manufactured articles increased from January to February. Food prices have risen continually since October 2013, but are lower than the record high level from July last year. Prices within most food groups went up from January to February, with the largest growth seen in meat and cereals, where prices rose 1.7 per cent and 1.6 per cent respectively. The only food commodity group where prices fell last month was vegetables and fruit. Within manufactured goods classified by material and miscellaneous manufactured articles, prices increased by 0.2 per cent and 0.4 per cent respectively.

Differences between the domestic and the import market

In the domestic market (commodities produced and sold in Norway), PIF went down 0.2 per cent, while prices in the import market increased. One important reason here is that the turnover of electricity is substantially higher in the domestic market, and the decrease in prices of electricity thereby pulled the total downward compared to the impact of the price fall of electricity in the import market. Prices of crude materials increased more in the import market than the domestic market and this also contributed to the difference between the two markets.

Twelve-month change: prices up 2.3 per cent

PIF increased by 2.3 per cent from February 2013 to February 2014. The price increases of food and chemicals of 5.2 per cent and 6.0 per cent respectively were important contributes to the overall growth. Within food products, the fish prices had a substantial increase of 15.2 per cent. The price of electricity went down 10.0 per cent and counteracted the growth in PIF in the last twelve months.