Producer price index, 15 September 2003

Prices within oil and gas extraction declined 7 per cent from last month. Figures from London Spot Market (LSM) showed a 9 per cent decrease in September prices for crude oil (Brent Blend measured in NOK). LSM also indicated a drop in prices of unleaded gasoline and heavy fuel oil, by 13 and 8 per cent. In a period that usually is characterized by increases, electricity prices went down 1.8 per cent from August to September.

Manufacturing prices declined 0.3 per cent. The main reason for this development was a 4.7 per cent fall in prices of refined petroleum prices. Electrical and optical equipment, as well as wood processing also showed decline. The overall fall was somewhat dampened by higher prices of food and basic metals.

According to the main industrial groupings energy goods went down 6.5 per cent from August to September, while consumer goods increased 0.5 per cent.

12-month rate, September 2002 to September 2003

Manufacturing prices are up 1.6 per cent compared with last September. The largest increase came for basic metals, where prices went up 10.1 per cent. Prices of chemicals and chemical products have increased by about 4 per cent the last 12 months, while the corresponding figure for machinery was 3.3 per cent. Prices of food products, beverages and tobacco are now 0.3 per cent higher than last September, and this is the first time in 15 months the 12-month rate is above zero. The largest decline in prices occurred for wood processing and printing, where prices are down by 2.2 per cent.

Of the main industrial groupings - energy goods have decreased 2.7 per cent. Intermediate goods went up 2.8 per cent, while consumer goods have increased 0.6 per cent the last 12 months.

Commodity price index for industrial sectors

As announced previously the articles for the Producer price index and the Commodity price index for the industrial sectors are now coordinated. The web pages for both surveys will remain the same for the time being - www.ssb.no/ppi_en and www.ssb.no/vppi_en.

The monthly and the 12-month rate for the surveys showed no differences in September. Therefore no new information is added about the commodity price index.

One decimal from January 2004

Starting with the publishing of January figures all indices will be produced with one decimal. Two decimals have a tendency to give an exaggerated impression of the accuracy of the estimates. In addition we want to harmonize the indices with common practice - where one decimal is used.