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Further price rise in manufacturing
statistikk
2014-02-10T10:00:00.000Z
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 January 2014

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Further price rise in manufacturing

The producer price index for oil and gas, manufacturing, mining and electricity (PPI) increased by 0.4 per cent from December 2013 to January 2014. Higher prices in basic chemicals, equipment and services caused the increase. From January 2013 to January 2014, the PPI increased by 5.3 per cent.

Producer price index. 2000=100Published 10 February 2014
Per centIndexWeights1
January 2014 / December 2013January 2014 / January 2013January 2014
1The weights are updated annually, and are valid for the entire year.
Industrial Classification
Extraction, mining, manufacturing and electricity0.45.3256.41 000.0
Extraction and related services0.37.4403.0479.1
Mining and quarrying1.60.5166.811.5
Manufacturing0.64.1161.5463.0
Food, beverages and tobacco0.45.3152.498.8
Refined petroleum, chemicals, pharmaceuticals0.46.6226.6135.4
Basic metals0.7-2.8158.236.8
Machinery and equipment0.34.1152.942.0
Electricity, gas and steam0.0-5.6251.546.4

Source: Statistics Norway

The PPI was 256.4 (2000=100) in January 2014, compared with 255.3 in December 2013. This equals a 0.4 per cent increase in the PPI.

Higher prices in several manufacturing groups

Prices within manufacturing increased by 0.6 per cent in January; the seventh consecutive month with increasing prices. The manufacturing group with the most significant price increase in January was chemical and pharmaceutical products. Prices in this group rose by 3.7 per cent, due to higher prices in basic chemicals. An increase in the group computers and electrical equipment of 2.6 per cent also played an important role in bringing the index for manufacturing up. Other groups that experienced price increases in January were food products and basic metals.

Price decreases within refined petroleum products and fabricated metal products dampened the price rise in manufacturing.

Price rises within services

In January, we measured a price rise within two service industries, mining support service activities and repair and installation of machinery. Prices in these groups increased by 1.0 and 2.0 per cent respectively from December 2013 to January 2014. Mining support services rose in 2013, and the price increase in January continues the rising trend. Prices within repair and installation services, on the other hand, have been quite stable since March 2013, but increased from December to January.

The index for extraction of oil and natural gas went up slightly from December 2013 to January 2014. The prices of crude oil and natural gas went in the opposite direction. Prices of Brent Blend crude oil, measured in NOK, increased by about 1.6 per cent, while gas prices showed a price drop.

Twelve-month change: PPI up 5.3 per cent

The PPI rose by 5.3 per cent from January 2013 to January 2014. Higher prices in extraction and related services, and refined petroleum products caused the increase in the PPI during this period. Prices in these groups rose by 7.4 and 6.1 per cent respectively. Other groups with a large impact on the twelve-month change in the PPI were food products, basic chemicals, as well as machinery and equipment.

Prices of basic metals and electricity fell by 2.8 and 5.6 per cent respectively from January 2013 to January 2014, and had a dampening effect on the PPI.

Updated weights in the PPIOpen and readClose

The PPI is calculated as a weighted average of price changes. In order for the PPI to reflect Norway’s industrial structure, the weights used to compute the price indices are updated every January. The weights did not change very much from 2013 to 2014. The weights of machinery and equipment in the total PPI have decreased, while food products became more important. The industries extraction of oil and natural gas, as well as mining support service activities make up about half of the PPI’s weights, while the manufacturing industries together take 46.3 per cent of the PPI’s weights. The rest of the weights are divided between electricity production, and mining and quarrying.

See "StatBank" for more details about the weights.