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Strong twelve-month increase in PPI
statistikk
2008-07-10T10:00:00.000Z
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 June 2008

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Strong twelve-month increase in PPI

The producer price index (PPI) rose by 29.3 per cent from June 2007 to June 2008, mainly caused by high prices of energy goods. From May to June this year, the increase in producer prices was 4.8 per cent.

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

PPI was a massive 29.3 per cent higher in June 2008 than in the same month last year. This is the highest twelve-month growth rate recorded since 2000. The strong growth was mainly caused by an increase in prices of energy goods, but several manufacturing industries have experienced strong price growth over the past twelve months.

The overall increase in prices of energy goods was 50.6 per cent from June last year to June this year. Oil and natural gas prices have risen by 52.1 per cent, while prices of refined petroleum products have increased by 34.6 per cent. Prices of electricity were 69.3 per cent higher in June this year than in the same month of 2007.

Food prices have increased by 3.2 per cent since June last year. Prices of meat, cereals, oils, fruit and vegetables have all increased, while prices of fish have fallen slightly.

In the chemicals, metal goods and machinery and equipment industries prices have risen by 3.8, 4.5 and 5.8 per cent, respectively. Prices of metals and electrical and optical equipment have fallen by 3.4 and 3.2 per cent. The overall increase in the manufacturing industries is 7.4 per cent.

Monthly change: up 4.8 per cent

The total PPI increased by 4.8 per cent from May to June this year. Prices of oil and natural gas rose by 6.9 per cent, while in refined petroleum products the increase was 4.4 per cent. The electricity prices in southern Norway were significantly lower than those in northern regions in May. This was due to problems with power lines leading out of the region. The discrepancy was reduced in June despite an increase in electricity prices in all regions. The overall increase in electricity prices from May to June was a massive 58.5 per cent, while the increase in energy goods was 7.8 per cent.

Some industries saw prices fall from May to June. In metals, wood and wood products and electrical and optical equipment prices decreased by 0.8, 1.4 and 0.2 per cent, respectively. Food prices also fell slightly following a considerable increase in previous months.

Producer price index. 2000=100
  June 2008 Changes, per cent
  May 2008-
June 2008 		June 2007-
June 2008
Total index  177.8 4.8 29.3
       
Oil and gas extraction  231.2 6.9 52.1
Manufacturing, mining and quarrying  139.8 0.7 7.4
Electricity, gas and steam supply  282.0 58.5 69.3
       
Main industrial groupings      
Intermediate goods  129.3 -0.2 0.8
Capitals goods  117.2 0.2 1.9
Consumer goods  115.9 -0.4 2.3
Energy goods  233.5 7.8 50.6

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