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12799
Higher petroleum prices
statistikk
2009-06-10T10:00:00.000Z
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 2009

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Higher petroleum prices

The Norwegian producer price index rose by 6.5 per cent from April to May. The increase was caused mainly by higher prices of crude oil, refined petroleum products and non-ferrous metals. In other manufacturing industries price changes were largely moderate.

Price development for selected product groups. 2000=100

The producer price index, which describes the price development in Norwegian oil and natural gas extraction, mining, manufacturing and electricity production, increased by 6.5 per cent from April to May. The relatively high increase in the overall index was caused by higher prices of crude oil and refined petroleum products. Prices rose by 10.5 per cent in oil and natural gas extraction and by 13.7 per cent for refined petroleum products.

Another industry with increasing prices was production of non-ferrous metals, where prices rose by 2.4 per cent - the first increase in this industry in eight months. Higher prices of nickel were among the most important reasons for the rise in the index.

In other manufacturing industries, price changes were mostly moderate. Prices for food products fell by 0.8 per cent due to lower prices of meat and prepared animal feeds. The price of electricity fell for the eighth month in a row, by 4 per cent.

Decline in prices over the last twelve months

Despite the last month’s price increases, the producer price index fell by 2.9 per cent from May 2008 to May this year. Petroleum prices were high during the first half of last year, and the last month’s jump was not sufficient to reach the price level of twelve months ago. Prices in oil and natural gas extraction in May this year were 4.9 per cent below those of May last year. Refined petroleum products saw a similar development, and these prices were 24 per cent lower in May this year compared with May of 2008. Prices of non-ferrous metals also fell during the past twelve months, by 18.9 per cent.

Prices of food products were 7.1 per cent higher than twelve months ago, despite a slight price fall in the last month. Compared with May last year, prices have increased for meat, fish, dairy products and greens.

The price of electricity was 40.6 per cent higher in May than in the same month of last year. This rise stems from a steep price fall in May last year.

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 . Users are welcome to refer enquiries about the transition between nomenclatures by e-mail Espen.Kristiansen@ssb.no or by telephone +47 21 09 45 84.

Producer price index. 2000=100
  May 2009 Changes, per cent
  March 2009-May 2009 May 2008-May 2009
Total index  172.0 6.5 -2.9
       
Extraction of oil and natural gas  205.7 10.5 -4.9
Manufacturing, mining and quarrying  136.0 3.3 -1.9
Electricity, gas and steam supply  242.0 -4.0 40.6
       
Main industrial groupings:      
Intermediate goods  128.3 0.1 -3.6
Investment goods  126.0 0.7 8.1
Consumer goods  122.4 -0.1 5.2
Energy goods  205.3 10.4 -5.7

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