This is an archived release.
Small decline in manufacturing prices
Manufacturing prices fell by 0.8 per cent from May to June. A further decline in prices in refined petroleum products and basic metals caused the decrease.
From May to June the price development in manufacturing was driven by lower prices in refined petroleum products, basic metals and basic chemicals which decreased by 1.9, 2.6 and 2.8 per cent respectively. Prices in basic metals have fallen since February this year, with a total decrease of 6.1 per cent, while prices in refined petroleum products have fallen since April. However, the fall in prices of basic chemicals from May to June is the first since October 2010.
Several other industries are characterised by smaller price changes, but paper and paper products stands out with a relatively high increase of 2.9 per cent from May to June.
Crude oil and electricity down
The producer price index (PPI) fell by 0.9 per cent from May to June. Crude oil (Brent Blend measured in NOK) decreased by 0.6 per cent. In addition, electricity prices dropped 7 per cent from May to June due to the fall in the system price at Nord Pool and lower prices of electricity sold to households. The reservoir levels, which have been low this winter, increased sharply over the previous two months.
Twelve month change: PPI up 14.4 per cent
PPI has increased 14.4 per cent over the last twelve months. In this period, prices in extraction of oil and natural gas together with refined petroleum products have increased. In addition, prices of food products increased by 6.4 per cent due to fish and fish products, prepared animal feeds as well as dairy products.
Twelve-month growth down
The twelve-month growth in PPI dropped 3.6 percentage points from May to June. The fall in the twelve-month growth was mainly caused by prices in extraction of oil and natural gas, basic chemicals together with computer and electrical equipment falling from May to June this year, while prices rose slightly in the same period last year.
|June 2011||Changes, per cent|
|May 2011-June 2011||June 2010-June 2011|
|Extraction of oil and natural gas||353.2||-0.7||22.8|
|Manufacturing, mining and quarrying||156.3||-0.7||7.9|
|Electricity, gas and steam supply||303.1||-7.0||2.2|
|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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