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12823
Climb in prices of oil and oil products
statistikk
2008-06-10T10:00:00.000Z
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 May 2008

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Climb in prices of oil and oil products

The price of crude oil (Brent Blend, in NOK) went up by 13.2 per cent and contributed to push the total PPI up by 4.4 per cent from April to May. Both oil and refined oil products have had continuous growth in prices since January.

;>Price development for selected product groups. 2000=100

The price of crude oil continues to climb and increased by 13.2 per cent from April to May this year, up 54.1 per cent from May 2007. The prices of refined petroleum products in these two periods rose by 11.2 and 30.2 per cent, respectively. The increases in prices of refined petroleum products and crude oil had a large impact on the total of the producer price index (PPI), which rose by 4.4 from April to May.

The electricity prices slumped by 32.4 per cent last month. The slump came after the strong climb of 27.2 per cent from March to April. Decrease in prices of basic chemicals and non-ferrous metals of 2.1 and 3.0 per cent, respectively, also subdued the rise in PPI. The fall in prices of nickel contributed the most to the decrease in non-ferrous metal prices. The decreases last month followed a continuous growth since January both for basic chemicals and non-ferrous metals.

Twelve-month change: up 25.9 per cent

PPI was 25.9 per cent higher in May 2008 than in May 2007. As for the monthly rate, the main reason for the increase was the development in prices of crude oil and refined oil products. These rose by 54.1 and 30.2 per cent, respectively, from May 2008 to May 2007. In the same period, prices of electricity went up by 17.1 per cent. To the contrary, prices of non-ferrous metals fell by 17.8 per cent.

Producer price index. 2000=100
  May 2008 Changes, per cent
  April 2008-May 2008 May 2007-May 2008
Total index  169.7 4.4 25.9
       
Oil and gas extraction  216.2 8.6 47.6
Manufacturing, mining and quarrying  138.8 2.0 6.7
Electricity, gas and steam supply  177.8 -32.4 17.1
       
Main industrial groupings:      
Intermediate goods  129.6 -0.3 0.5
Capitals goods  117.0 -0.1 1.6
Consumer goods  116.4 0.3 2.9
Energy goods  216.5 7.3 44.5

For information on the commodity price index for the industrial sectors, see http://www.ssb.no/vppi_en