This is an archived release.
Further decline in producer prices
The Producer price index (PPI) decreased by 2.1 per cent from April to May 2012. The main reason was lower prices in energy goods such as crude oil, electricity and refined petroleum products.
From April to May the total decrease in the PPI was driven by lower prices of energy goods. In extraction of oil and natural gas, the prices fell 3.1 per cent due to a decrease in the price of crude oil. This was also an important reason behind the 5.6 per cent decrease in prices in refined petroleum products.
Mining support service facilities together with food, beverages and tobacco played a key role in curbing the overall decline in the PPI from April to May, with 0.6 and 0.5 per cent higher prices respectively. Among the food products, fish and fish products were the largest contributors to the increase in food prices.
Lower prices in manufacturing
Manufacturing prices decreased by 1.3 per cent from April to May. In the domestic market, prices of goods sold from Norwegian manufacturing declined 0.6 per cent, while the decline in the exports market was larger.
PPI up 2.5 per cent over the previous twelve months
The producer price index increased by 2.5 per cent from May 2011 to May 2012. Price growth in extraction of crude oil and natural gas together with refined petroleum products was the most important reason behind this increase. While most other industries in the PPI are characterised by fairly low price growth in this twelve-month period, two industries stand out with a large drop in prices; electricity, gas and steam supply with a drop in prices of 33.3 per cent, and basic metals with 11.4 per lower prices.
|May 2012||Changes, per cent|
|April 2012-May 2012||May 2011-May 2012|
|Extraction and related services||385.1||-2.6||8.3|
|Manufacturing, mining and quarrying||158.4||-1.2||0.6|
|Electricity, gas and steam supply||217.4||-6.9||-33.3|
|Main industrial groupings|
For information on the commodity price index for the industrial sectors, see commodity price index for the industrial sector .
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