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Price increases in oil and petroleum products
statistikk
2011-10-10T10:00:00.000Z
Prices and price indices;National accounts and business cycles;Energy and manufacturing
en
ppi, Producer price index, price trends, inflation, domestic market, export market, economic indicator, intermediate goods, energy goods, consumables, capital goods, metal-working industry, food industry, oil refining, machine industry, mining, metal prices (for example gold, aluminium, copper)Producer and wholesale price indices, Energy , Oil and gas , Business cycles , Manufacturing, mining and quarrying , National accounts and business cycles, Prices and price indices, Energy and manufacturing
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Producer price index, 15 September 2011

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Price increases in oil and petroleum products

The producer price index (PPI) increased by 1.8 per cent from August to September, mainly due to higher prices of crude oil, natural gas and petroleum products. Prices of electricity and basic metals fell in the period.

Price development for selected industries. 2000=100

The increase in the PPI from August to September was due to higher prices in extraction of oil and natural gas as well as higher prices in refined petroleum products, which increased by 4.6 and 2.5 per cent respectively. The price of crude oil (Brent Blend) measured in Norwegian kroner increased by about 5.4 per cent in September; much of the price rise was due to a weaker krone relative to the US dollar (USD). Measured in USD, the oil price increased by 2.3 per cent in this period. Similarly, the rise in prices of petroleum products was reinforced by a higher NOK/USD exchange rate, while the whole price increase in natural gas can be seen as a result of the change in the exchange rate.

Low electricity prices

Electricity, gas and steam industry experienced a price drop in September, which helped to curb the rise in the overall index. Electricity prices fell by 13 per cent from August to September. It was week 37 in particular that had the lowest prices in the last four years, and which pulled the monthly average down. Cheaper electricity in September was largely the result of high filling and high inflow in the water reservoirs.

Falling prices in basic metals

Basic metals was another industry with a significant price drop in September. Both iron and steel and non-ferrous metals, aluminium and nickel in particular, were affected by price falls. Metal prices have fallen since February and decreased 2.5 per cent in September. In the period February to September, the metal prices dropped by about 10 per cent.

Twelve-month change: PPI up 15.3 per cent.

The PPI rose by 15.3 per cent from September 2010 to September 2011. The price increase is primarily linked to higher prises in extraction of oil and natural gas, as well as refined petroleum products, which rose by 28.5 and 28.8 per cent respectively during this period.

Electricity prices, however, were 22.9 per cent lower in September than in the corresponding month last year. The price fall in electricity is mainly connected to a better level in water reservoirs. Prices in basic metals fell by 0.2 per cent and we have to go back to November 2009 to find another negative twelve-month change.

Producer price index. 2000=100
  September
2011 		Changes, per cent
  August 2011-
September 2011 		September 2010-
September 2011
Total index  240.1 1.8 15.3
       
Extraction of oil and natural gas  367.0 4.6 28.5
Manufacturing, mining and quarrying  155.7 0.3 6.9
Electricity, gas and steam supply  230.9 -13.0 -22.9
       
Main industrial groupings      
Intermediate goods  143.0 -0.6 2.0
Investment goods  127.9 0.2 1.1
Consumer goods  133.3 0.2 5.9
Energy goods  343.8 3.4 25.2

For information on the commodity price index for the industrial sectors, see commodity price index for the industrial sector .