This is an archived release.
Price drop for energy products
The Producer price index (PPI) decreased by 3.5 per cent from May to June 2012. The main reason was lower prices in energy goods such as crude oil, electricity and refined petroleum products.
The price of crude oil (Brent blend) continued to fall with a decrease of 11 per cent from May to June. This was the main reason behind the 6.8 per cent drop in prices within extraction of oil and natural gas. The price of natural gas had a small increase in the same period. Lower prices of crude oil were mainly driven by lower Chinese and German production from May to June, which in turn affected speculators’ concerns about a fall in demand for oil. A strike among oil workers in the North Sea in June may have lowered the total fall in the price of crude oil.
Prices of electricity fell 6.9 per cent from May to June. A lower system price from Nordpool and lower price of electricity sold to Norwegian households both contributed to the overall fall in electricity prices from May to June. Extensive precipitation together with an increasing level in Norwegian water reservoirs had a strong influence on prices.
Continued price fall within manufacturing
Manufacturing prices decreased from May to June. Prices of goods sold from Norwegian manufacturing declined 0.9 per cent, while the decline was slightly larger in the exports market. As a consequence of the falling price of crude oil, prices of refined petroleum products fell 6.4 per cent from May to June.
The fall in the total PPI from May to June was dampened by higher prices within several industries; most importantly the higher prices of chemicals and pharmaceutical products with a rise of 1.3 per cent. However, the price rises within machinery and equipment, basic metals and non-metallic mineral products also had a strong influence, where prices rose by 0.8, 0.4 and 1.2 per cent respectively.
PPI down 0.2 per cent the previous 12 months
The PPI decreased by 0.2 per cent from June 2011 to June 2012. The main reason behind the price fall was a price fall in electricity prices of 33.2 per cent. Another reason behind the decline in the PPI during this period was the 8.7 per cent drop in prices of basic metals. The last time the PPI experienced a negative 12-month growth was October 2009.
|June 2012||Changes, per cent|
|May 2012-June 2012||June 2011-June 2012|
|Extraction and related services||362.8||-5.8||2.7|
|Manufacturing, mining and quarrying||156.8||-1.0||0.3|
|Electricity, gas and steam supply||202.5||-6.9||-33.2|
|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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