This is an archived release.
Lower prices in petroleum and chemical products
Manufacturing prices decreased by 0.9 per cent from July to August. This was due to lower prices in refined petroleum products, chemicals and pharmaceutical products together with basic metals.
The decline in manufacturing prices from July to August was mainly caused by lower prices in three industries: refined petroleum products, chemicals and pharmaceutical products together with basic metals, in which prices fell by 3.6, 2.5 and 1.8 per cent respectively. The price development over the last year in chemicals and pharmaceutical products was influenced by the development in basic chemicals. Prices in basic chemicals grew from November 2010 to May 2011, followed by a 8 per cent drop in prices until August this year. Prices of basic metals increased during the second half of 2010, followed by a 7.7 per cent fall in prices since February 2011.
Prices in food products rose by 0.4 per cent, and were important in reducing the overall decline in manufacturing prices. The rise in prices was mainly caused by higher prices of bakery and farinaceous products, meat and meat products together with feeding stuff for animals in the domestic market. From June to August the prices in food products increased in the domestic market, but the price development has differed somewhat for the various food groups. Bakery and farinaceous products together with feeding stuff for animals decreased from June to July, which was followed by an increase from July to August. Prices in meat and meat products, on the other hand, rose in the two previous months.
Prices of crude oil and natural gas down
The total Producer price index (PPI), which includes extraction oil and natural gas, mining, manufacturing and electricity, fell by 2.5 per cent. Besides the decline in manufacturing prices, lower prices of crude oil and natural gas were important in bringing the total PPI down.
Twelve-month change: PPI up 12.8 per cent.
The PPI rose by 12.8 per cent compared to August 2010, and much of the growth was caused by higher prices of crude oil, natural gas and refined petroleum products. Electricity prices, on the other hand, fell by 5 per cent over the previous twelve months. This was partly caused by a lower system price in Nord Pool, together with lower prices of electricity sold to households.
From August 2010 to August 2011, manufacturing prices grew by 7 per cent. In addition to refined petroleum products, a 5.7 per cent increase in food products was important to the overall price growth in manufacturing.
|August 20011||Changes, per cent|
|July 2011-August 2011||August 2010-August 2011|
|Extraction of oil and natural gas||350.8||-4.6||20.8|
|Manufacturing, mining and quarrying||155.3||-1.0||7.0|
|Electricity, gas and steam supply||265.3||-0.3||-5.0|
|Main industrial groupings|
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