This is an archived release.
Price rises in oil and natural gas
Price rises of crude oil, natural gas and refined petroleum products were the main reasons behind the increase in the producer price index from June to July. A further decline in prices of electricity dampened the price rise.
The producer price index (PPI) increased by 1.6 per cent from June to July. Higher prices in extraction of oil and natural gas made the biggest contribution to PPI. Export prices for natural gas rose sharply last month and accounted for the largest part of the price rise in the industry. After falling two months in a row, the prices of crude oil went up 1.3 per cent from June to July. Within manufacturing, refined petroleum products had the greatest impact on producer prices.
Higher prices in several food products and agricultural machines
Among the other manufacturing groups that experienced price increases were food, beverages and tobacco as well as machinery and equipment. Prices in these groups rose by 0.1 and 0.2 per cent respectively. Despite a relatively small price increase in food, beverages and tobacco in July, there were several sub-groups that experienced large price increases. This includes cereals and cereal products, fruits and vegetables, meat and meat products and various beverages. Prices in fish and fish products fell, however, from June to July, entirely due to lower prices in the export market. Within machinery and equipment, the entire price increase can be explained by higher prices of agricultural machines.
Further decline in electricity prices
Prices of electricity fell by 12.2 per cent from June to July. This price reduction was connected to high water inflow to the reservoirs, as well as lower electricity demand during the summer holidays. Both the system price at Nord Pool and prices of electricity sold to households were reduced in July.
Twelve-month change: 16.1 per cent higher prices
PPI increased 16.1 per cent from July 2010 to July 2011. As in the previous month, prices in extraction of oil and natural gas together with refined petroleum products were the main reasons behind the increase in PPI over the last twelve months. In addition, prices of all food products increased, with a total price rise of 5.1 per cent. Electricity prices fell, however, by 8.1 per cent and contributed to moderating growth in PPI in this period.
|July 2011||Changes, per cent|
|June 2011-July 2011||July 2010-July 2011|
|Extraction of oil and natural gas||367.6||4.1||27.6|
|Manufacturing, mining and quarrying||156.8||0.3||8.1|
|Electricity, gas and steam supply||266.2||-12.2||-8.1|
|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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