Producer price index, 15 September 2001

According to the London Spot Markets (LSM), the price of crude oil (Brent Blend) declined by a modest 1.6 per cent measured in NOK. The decline was caused by a weakened exchange rate of $US. Crude oil measured in $US showed a 0.3 per cent increase.

Manufacturing prices increased by 0.1 per cent. The reason for was a 2.3 per cent increase in prices of refined oil products. Figures from the LSM show that prices of unleaded gasoline and heavy fuel oil increased by 5.5 per cent and 8.8 per cent, respectively. Prices of products in the group food products, beverages and tobacco went up 0.5 per cent. Higher prices of beverages were a main contributor to this rise.

Prices of basic metals went down 1.1 per cent. In this group non-ferrous metals declined 1.6 per cent. According to the London Metal Exchange (LME) the price of aluminium decreased by 3.7 per cent, while nickel prices declined about 10 per cent.

The largest decline among the industrial groupings occurred in energy goods, where prices went down 1 per cent. Intermediate goods declined 0.5 per cent, while consumer goods rose 0.4 per cent.

12-month rate, September 2000 - September 2001

The 12-month rate for manufacturing was -2.1 per cent mainly caused by decline in the groups basic metals and refined petroleum products. The product prices went down 12.3 per cent and 14.6 per cent, respectively.

The decline in manufacturing was to some extent counteracted by a 3.8 increase in prices of food products, beverages and tobacco. The most important products in this group showed a rise in prices compared with September last year. Another main group with an increase in prices was machinery and equipment, where price were 5.1 per cent higher than last year's.

The development in the 12-month rate

During the last months the 12-month rate for manufacturing, mining and quarrying has gradually decreased. Prices in August this year were 0.3 per cent lower than in the same period last year, this difference has increased to 1.9 per cent in September. Refined oil products went from -4,9 per cent in August to -14,6 per cent in September, while the same figures for basic metals are -8,7 per cent and -12,3 per cent.

Among the industrial groupings: the 12-month rate for intermediate goods went from being 2.5 per cent lower in August to 3.9 per cent lower in September, while energy goods went from -8.7 per cent to -19.5 per cent.