Producer price index, 15 June 2001

The total index rose by 0.3 per cent from last month. The increase was based on prices in the group oil and gas extraction, which increased by 0.7 per cent.

The price development from May to June: Drop in gasoline prices

After showing a positive development the last two months, prices of refined petroleum products went down 2 per cent and were with this the main reason for the rise in manufacturing prices. The decline could to a great degree be contributed to fall in prices of gasoline. Figures from London Spot Markets show that the price of unleaded gasoline dropped by about 19 per cent during this period (measured in NOK). Prices of basic metals continue to decline after showing a rise last month. Prices in this group went down 1.3 per cent from May to June. The strongest pull in the opposite direction came from a 0.5 per cent increase in food prices.

Among the main industrial groupings only intermediate goods showed a decline. Energy goods went up 0.5 per cent, while prices of consumer goods increased 0.3 per cent.

The 12-month rate, June 2000 - June 2001: 2.3 per cent rise in manufacturing prices

The 12-month rate in manufacturing prices was 2.3 per cent. The largest influence came from food where prices in this period increased by 4.2 per cent. Other important groups showing an increase were refined petroleum products where prices rose by 3.1 per cent and machinery and equipment n.e.c. where prices had increased by 5 per cent. Among the main groups only prices of rubber and plastic products where prices are lower this year.

Prices of the products in the group oil and gas extraction have increased by 1.1 per cent the last 12 months, while prices of electricity have risen 84 per cent.

The development in the 12-month rate

The 12-month rate in manufacturing went from 3 per cent in May to 2.3 per cent in June. The greatest decline occurred in refined petroleum products, where the 12-month rate went from 10.7 per cent to 3.1 per cent. Other main groups contributing to this development were pulp, paper and paper products as well as chemicals and chemical products. The largest increase occurred in basic metals, which went from -2.5 in May to 0.1 per cent in June.

The 12-month rate of products in oil and gas extraction went from 2.8 per cent to 1.1 per cent, while electricity went from 92.9 per cent down to 84 per cent.