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Price continues to climb for oil products
statistikk
2000-04-10T10:00:00.000Z
Prices and price indices;National accounts and business cycles;Energy and manufacturing
en
ppi, Producer price index, price trends, inflation, domestic market, export market, economic indicator, intermediate goods, energy goods, consumables, capital goods, metal-working industry, food industry, oil refining, machine industry, mining, metal prices (for example gold, aluminium, copper)Producer and wholesale price indices, Energy , Oil and gas , Business cycles , Manufacturing, mining and quarrying , National accounts and business cycles, Prices and price indices, Energy and manufacturing
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Producer price index, 15 March 2000

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Price continues to climb for oil products

Oil products, such as gasoline and heating oil, increased sharply from February to March. At London Spot Markets the price of unleaded gasoline rose about 15 per cent in Norwegian kroner, while heavy fuel oil increased by 14 per cent.

Manufacturing prices rose 0.8 per cent from February to March, a bit stronger than the previous month's increase of 0.7 per cent. The main reason is the price increase in oil products such as gasoline, fuel oils and so on. Other manufacturing prices also rose. The strongest contribution to the total index - from non-oil items - came from basic metals and fabricated metal products, machinery and equipment.

Price of crude oil

Brent Blend had a moderate price increase of 2.7 per cent from last month measured in NOK. An important cause is the exchange rate (NOK/USD) that rose more than 2 per cent. The dollar price for crude oil increased only 0.5 per cent. Another important reason may be the speculations around the OPEC's possible increase in the production of crude oil.

Period figures

The growth in the total index from the first quarter 1999 to the first quarter 2000 was 7.9 per cent. This is considerably higher than last period, which saw an increase of 5.7 per cent.Price growth in oil products and basic metals are the main explanatory variables. Manufacture of food, beverages and tobacco tend to move in the opposite direction.

Producer price index. 1981=100
  March 2000 Changes, per cent
  February 2000-March 2000 March 1999-March 2000 January-March 1999-2000 -January-March 1998-1999
Total index 177,2 0,9 8,4 7,9
Oil extraction, mining and quarrying 131,8 1,8 51,1 52,4
Manufacturing 181,9 0,8 5,1 4,5
Manufacture of food, beverages and tobacco 203,2 0,1 -0,4 -0,6
Manufacture of textiles, wearing apparel, leather and leather products 159,8 0,1 0,6 0,4
Manufacture of wood and wood products 189,3 0,1 2,0 2,0
Manufacture of paper and paper products, printing and publishing 209,1 0,7 5,0 4,3
Manufacture of chemicals and chemical petroleum, coal, rubber and plastic products 151,4 3,5 22,1 19,5
Manufacture of mineral products 217,8 0,5 1,3 1,5
Manufacture of basic metals 146,8 0,6 9,2 8,2
Manufacture of fabricated metal products, machinery and equipment 191,5 0,4 1,6 1,3