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12517
Continued rise in oil prices
statistikk
2005-03-10T10:00:00.000Z
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 February 2005

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Continued rise in oil prices

An increase in crude oil prices was the main contributor to the rise in the Producer Price Index from January to February. In manufacturing, prices went up by 2.3 per cent in the same period.

Prices within oil and gas extraction increased by 4.2 per cent from January to February. Figures from the London Spot Market (LSM) show a 4.8 per cent increase in prices of Brent Blend in February. The rise in oil prices, which is mainly attributed to strong demand and restricted capacity, was the main reason for the 3.2 per cent increase in the total index.

The main reason for the increase in manufacturing prices (2.3 per cent) was the rise in prices of refined petroleum products and basic metals of 9.4 and 5.4 per cent, respectively.

According to the Nordpool spot market, electricity prices increased by 10.5 per cent from January to February. Low electricity prices last month is the reason for the increase this month.

Among the main industrial groupings, prices of energy goods increased by 4.8 per cent, while intermediate goods decreased by 0.1 per cent.

12-month rate: February 2004 to February 2005

In manufacturing, prices increased by 6.4 per cent compared with February 2004. The development in the 12-month rate is related to higher prices of refined petroleum products and metals.

The total index was 27.5 per cent higher in February this year compared with last year. The price of Brent Blend increased by 34.2 per cent during the period, while the price of electricity, gas and steam supply fell by 13.3 per cent. Among the main industrial groupings, prices of energy goods increased by 24.2 per cent, while prices of consumer goods increased by 1.7 per cent over the last year.

Producer price index. 2000=100
  February 2005 Changes, per cent
      January 2005-
February 2005 		    February 2004-
February 2005
Total index  110.1 3.2 14.4
Oil and gas extraction  113.9 4.2 27.5
Manufacturing, mining and quarrying  108.9 2.3 6.5
Electricity, gas and steam supply  191.1 4.7 -13.3

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 - http://www.ssb.no/ppi_en and http://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
  February 2005 Changes, per cent
  January 2005-February 2005 February 2004-February 2005
Total index  115.0 3.1 14.4
Oil and gas extraction  113.9 4.2 27.5
Manufacturing, mining and quarrying  109.1 2.2 6.4
Electricity, gas and steam supply  184.9 4.6 -13.2