Producer price index, 15 January 2004

Within manufacturing most groups of products increased from December to January. Refined petroleum products experienced the largest increase in prices at 5.9 per cent. Figures from the London Spot Market showed an approximately 15 per cent increase in prices of unleaded petroleum, while heavy fuel oil increased by approximately 7.5 per cent. Basic metals continue to rise and went up by 3.8 per cent from December. According to figures from the London Metal Exchange prices of aluminum have increased by approximately 3.5 per cent, while nickel went up by roughly 3 per cent. In addition to food products, the only decline occurred for furniture and other manufacturing.

Prices of crude oil (Brent Blend - measured in NOK) increased by 5.5 per cent from December to January. Following a decline of approximately 10 per cent in December, prices of electricity stabilized to some extent and only went down by 1.4 per cent to January.

Among the main industrial groupings, energy goods increased by 4.0 per cent, while consumer goods declined by 0.3 per cent.

12-month rate, January 2003 to January 2003

Manufacturing prices have increased by 4 per cent compared with January 2003. Most products increased in this period. The largest growth took place in basic metals with prices up 22.8 per cent. Chemical prices increased by 4.6 per cent, while the only groups that showed decline was other non-metallic mineral products as well as furniture and other manufacturing.

The total index went down by 0.1 per cent compared with January 2003. The decline is mainly due to lower prices of energy goods. Prices of crude oil (Brent Blend) fell by 2.2 per cent, while electricity prices have fallen by 42.5 per cent. The 12-month rate of both groups showed a decline from December to January.

Among the main industrial groupings prices of intermediate goods increased by approximately 6.8 per cent in the last 12 months, while consumer goods went up 1.5 per cent. Energy goods went down by 4.3 per cent.

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 have now been coordinated. The web address for both surveys remains unchanged for the time being - www.ssb.no/ppi_en and www.ssb.no/vppi_en.

The monthly changes in the producer price index and the commodity price index may show minor deviations due to different index levels and rounding. No extra information is added to the commodity price index.

Updated weights and one decimal from January 2004

Production figures from the national accounts are the basis for weight in the indices. Updated weights for 2004 are now included and this results in some shifts in balance between the groups. Manufacturing in total is much the same as in 2003. Oil and gas extraction has lost some weight, while electricity has gained. Within manufacturing the group refined petroleum products has become more important, while food products and wood processing have lost weight.

From January 2004 figures for all indices are published with one decimal as the use of two decimals has 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.