147974_not-searchable
/en/priser-og-prisindekser/statistikker/ppi/maaned
147974
Lower prices for gas and electricity
statistikk
2014-03-10T10:00:00.000Z
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
false

Producer price index, 15 February 2014

Content

Published:

This is an archived release.

Go to latest release

Lower prices for gas and electricity

The producer price index for oil and gas, manufacturing, mining and electricity (PPI) fell by 0.7 per cent from January to February. The most important reasons for the decline were lower prices of natural gas and electricity.

Producer price index. 2000=100Published 10 March 2014
Per centIndexWeights1
February 2014 / January 2014February 2014 / February 2013February 2014
1The weights are updated annually, and are valid for the entire year.
Industrial Classification
Extraction, mining, manufacturing and electricity-0.74.0254.61 000.0
Extraction and related services-0.95.7399.3479.1
Mining and quarrying1.31.1168.911.5
Manufacturing0.03.5161.5463.0
Food, beverages and tobacco1.15.3154.198.8
Refined petroleum, chemicals, pharmaceuticals-0.64.3225.2135.4
Basic metals0.8-1.2159.536.8
Machinery and equipment-0.23.7152.642.0
Electricity, gas and steam-6.0-9.8236.546.4

Source: Statistics Norway

The PPI had a value of 254.6 (with 2000=100) in February, which is 0.7 per cent lower than in the month before. A drop in the price of natural gas led to a decline in the index for extraction of oil and natural gas. This industry makes up around 40 per cent of the Norwegian PPI, and the falling gas price was thus the most important reason for the overall decline in the index. Another important commodity with a lower price was electricity. The price index fell by 6.0 per cent from January to February, yielding a cumulative decline of over 11 per cent since October of last year. Electricity prices were lower in February than they were last summer.

Unchanged index for manufacturing

The price index for manufacturing industries was unchanged from January to February. Prices for fish continued to increase, contributing to a 1.2 per cent growth in the index for food products. Following more than two years of falling prices, the basic metals industry saw a change in the development in October last year. From January to February prices grew by 0.8 per cent. Prices of basic chemicals usually fluctuate from month to month, and the latest index was 3.7 per cent higher than the month before.

Twelve-month rate: PPI up 4 per cent

Compared with February 2013, the PPI was 4.0 per cent higher in the same month this year. Despite the last month’s decline, the index for extraction and related services was 5.7 per cent higher than one year before. Prices of natural gas and extraction services have increased the most, while the growth in the price of crude oil (Brent Blend, in NOK) was 3.9 per cent.

Prices in manufacturing industries have increased somewhat less, with a growth of 3.5 per cent since February 2013. Due to rising fish prices, the index for food products was 5.3 per cent higher than twelve months before. Despite a few recent months of growth, the index for basic metals was still 1.1 per cent lower compared with February 2013.

Electricity prices were 9.8 per cent lower than one year ago. The twelve-month rates for electricity prices were high last autumn due to a steep increase in prices in the last half of 2012. Since December 2013 the rates have been negative, as the effect of the 2012 price increase is no longer included.