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Continued decline in oil prices
statistikk
2005-01-10T10:00:00.000Z
Prices and price indices;National accounts and business cycles;Energy and manufacturing
en
ppi, Producer price index, price trends, inflation, domestic market, export market, economic indicator, intermediate goods, energy goods, consumables, capital goods, metal-working industry, food industry, oil refining, machine industry, mining, metal prices (for example gold, aluminium, copper)Producer and wholesale price indices, Energy , Oil and gas , Business cycles , Manufacturing, mining and quarrying , National accounts and business cycles, Prices and price indices, Energy and manufacturing
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Producer price index, 15 December 2004

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Continued decline in oil prices

Fall in crude oil prices was the main contributor to the decline in the Producer Price Index. Manufacturing prices fell 1,2 per cent from November to December 2004

Prices within oil and gas extraction fell by 6.3 per cent. Figures from the London Spot Markets (LSM) show a downturn for prices of Brent Blend of 7.5 per cent in December. This decrease is mainly due to an increase in the US oil stock.

The most important reason for the decline in manufacturing prices was the decline in prices of refined petroleum products and basic metals, 6.4 and 2.3 per cent respectively.

According to Nordpool's spot market electricity prices fell by 10.3 per cent from November to December, and this was the lowest price recorded since June 2003. An abundant supply of electricity due to mild temperatures and satisfactory levels in the water depots, are reasons for the decline.

According to the main industrial groupings there is a general decline in prices. With a 6.2 per cent decline energy goods showed the largest fall in prices. Intermediate goods decreased by 0.6 per cent.

The 12-month rate: from December 2003 to December 2004

Manufacturing prices increased by 4.9 per cent compared with December 2003. This is the lowest 12- month rate since March 2004 and it is related to lower prices of oil and metals.

The total index was 17.8 per cent higher in December 2004 than at the same time last year. The price of Brent Blend increased by 40 per cent during this period, while the electricity prices decreased by 9.0 per cent. According to the main industrial groupings prices of energy goods increased by 15.2 per cent, while prices of consumer goods increased by 1.8 per cent over the last year.

Producer price index. 2000=100
  December 2004 Changes, per cent
  November 2004-
December 2004 		December 2003-
December 2004
Total index  102.2 -3.6 9.7
Oil and gas extraction 99.8 -6.3 17.8
Manufacturing, mining and quarrying  105.2 -1.2 4.9
Electricity, gas and steam supply  206.7 -5.4 -9.0

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 changes of 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.

Commodity price index for the industrial sectors. 2000=100
  December 2004 Changes, per cent
  November 2004-
December 2004 		December 2003-
December 2004
Total index  106.8 -3.6 9.8
Oil and gas extraction 99.8 -6.3 17.8
Manufacturing, mining and quarrying  105.4 -1.2 4.9
Electricity, gas and steam supply  200.0 -5.4 -9.0