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12801
Lower prices of metals and energy products
statistikk
2009-05-11T10:00:00.000Z
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 April 2009

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Lower prices of metals and energy products

Despite a 1.0 per cent rise in prices of manufacturing products, the total producer price index decreased by 0.6 per cent from March to April. The decline in the total index was mainly due to lower prices of metals and energy products.

Price development for selected product groups. 2000=100

The producer price index fell 0.6 per cent from March to April, mainly due to a 2.0 per cent drop in prices of extraction of oil and natural gas. Prices of oil and gas pulled in opposite directions. While the price of crude oil increased from March to April, the price of natural gas had a stronger negative influence on the overall index. A relatively strong decrease in prices of metals of 4.0 per cent, mainly due to lower iron and steel prices, represented a strong contribution to the fall in the overall index from March to April.

The price of electricity dropped for the seventh month in a row, down 3.3 per cent from last month. From September 2008 to April 2009 the producer price of electricity decreased by 45 per cent.

Price rise in the manufacturing sector due to higher export prices

Despite a 0.1 per cent decline in manufacturing prices in the Norwegian home market, this sector experienced a 1.0 per cent increase from March to April. The trend that we have seen for the manufacturing sector over the last four months continues to strengthen. During the last quarter of 2008, manufacturing prices experienced a sharp drop, followed by relatively stable prices during the first quarter of 2009, while from March to April we can see a moderate price increase. The most important contributor to higher manufacturing prices from March to April was a 5.0 per cent increase in the prices of refined petroleum products, together with chemicals and pharmaceutical products.

Decline in prices over the last twelve months

Since April 2008, the producer price index for extraction, mining, manufacturing and electricity decreased by 4.7 per cent. Together with the price fall of 6.5 per cent for extraction of oil and natural gas, the 25.5 per cent drop in prices of refined petroleum products contributed strongly to the decline in the overall index.

Important announcement: New classification implemented

As of January 2009, a new version of Eurostat’s industry classification, NACE, is in use. The producer price index (PPI) and the commodity price index for the industrial sector (VPPI) are affected by the change of nomenclature from the publication of the January 2009 index. Click here to read more about the implications for users, calculation and dissemination . Some series according to the new standard have been recalculated also for previous periods for the release of the March index. Users are welcome to refer enquiries about the transition between nomenclatures by e-mail to Espen.Kristiansen@ssb.no or by telephone +47 21 09 45 84.

Producer price index. 2000=100
  April 2009 Changes, per cent
  March 2009-April 2009 April 2008-April 2009
Total index  161.5 -0.6 -4.7
       
Extraction of oil and natural gas  186.1 -2.0 -6.5
Manufacturing, mining and quarrying  131.7 1.0 -2.9
Electricity, gas and steam supply  252.0 -3.3 -1.0
       
Main industrial groupings:      
Intermediate goods  128.2 -1.2 -3.8
Investment goods  125.1 -0.6 7.1
Consumer goods  122.5 0.6 5.7
Energy goods  185.9 -0.5 -8.3

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