Producer price index, 15 January 2006

The prices of crude petroleum and natural gas rose by 7.6 per cent from December to January. The price of crude oil (Brent Blend) rose by 9.7 per cent according to the London Stock Markets (LSM). Difficulties with the delivery of gas from Russia to Europe, possible sanctions to Iran and uncertainty connected to the OPEC meeting in late January explains some of the reasons behind the high prices. Refined petroleum products and electricity have increased by 8.8 per cent and 21.7 per cent respectively from December to January.

Manufacturing prices rose by 2.1 per cent last month. Metals increased by 3.7 per cent while electrical and optical products decreased by 0.9 per cent.

Among the main industrial groupings the prices of investments goods are down by 0.2 per cent. Intermediate goods and consumer goods are up 1.9 and 0.3 per cent respectively.

The overall change on the domestic market is up 4.0 per cent.

12-month rate, January 2005 to January 2006: Major increase in energy prices

The increase in the Producer Price Index by 25.4 per cent over the past twelve months is mainly due to a 43.8 per cent increase in energy prices. The prices of investments goods and consumer goods are up by 5.5 and 4.0 per cent respectively. Intermediate goods are down 0.3 per cent for the same period.

Updated weights for 2006

The weights used in the Index have been revised with new figures from the national accounts. The same Figures for 2006 show a change in weighting from manufacturing and electricity to oil and gas development. You can find the weights in a separate table.