Producer price index, 15 July 2002

Prices within manufacturing, mining and quarrying declined by 0.5 per cent from June to July. The main contribution was 2.4 per cent lower prices of basic metals. In addition prices of food products went down by 0.7 per cent.

According to the main industrial groupings energy goods fell by 0.1 per cent, after a negative 8.4 per cent in June. Consumer goods also experienced a price decline, caused by lower prices of non-durable consumer goods. Capital goods had an upward effect by an increase of 0.2 per cent.

12-month rate; refined oil products continue to decline

The prices in manufacturing, mining and quarrying fell by 4.4 per cent from July 2001 to July 2002. This was mainly due to the price development in refined oil products and basic metals. For refined oil products prices are almost 18 per cent lower than last years, while prices of basic metals are 9.4 per cent lower. Another contribution came from pulp, paper and paper products, which fell by 13.4 per cent.

Energy goods had about 12 per cent lower prices than in 2001, and prices of capital goods fell by approximately 7 per cent. Consumption goods also shoved lower prices.

Development of the 12-month rate

After falling by 4.9 per cent in June the manufacturing, mining and quarrying 12-month rate was -4.4 per cent in July. Still there are a considerably decline in refined products and basic metals, but the decline is somewhat less than in June.

The prices of consumption goods have for the first time since this series was published a negative 12-month rate. Both durable and non-durable consumer goods have experienced a falling tendency in the rates. Energy goods have had negative 12-month rates since July last year, intermediate goods since August.