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Lower energy prices
statistikk
2014-04-10T10:00:00.000Z
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 March 2014

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Lower energy prices

The producer price index for oil and gas, manufacturing, mining and electricity (PPI) fell by 2.9 per cent from February to March. The most important reasons for the decline were lower prices of crude oil, different oil products, natural gas and electricity.

Producer price index. 2000=100Published 10 April 2014
Per centIndexWeights1
March 2014 / February 2014March 2014 / March 2013March 2014
1The weights are updated annually, and are valid for the entire year.
Industrial Classification
Extraction, mining, manufacturing and electricity-2.90.1247.31 000.0
Extraction and related services-4.80.5380.3479.1
Mining and quarrying0.11.3169.011.5
Manufacturing-0.61.8160.6463.0
Food, beverages and tobacco-0.15.7153.998.8
Refined petroleum, chemicals, pharmaceuticals-2.10.0220.4135.4
Basic metals-0.1-2.1159.336.8
Machinery and equipment-0.13.2152.542.0
Electricity, gas and steam-7.7-22.8218.246.4

Source: Statistics Norway

The PPI had a value of 247.3 (with 2000=100) in March, which is 2.9 per cent lower than in February. Lower prices of crude oil and natural gas led to a decline in the index for extraction of oil and natural gas of 5.8 per cent. The price of crude oil, Brent blend, measured in NOK, fell nearly 4 per cent. The price of natural gas also decreased. The price of electricity went down by 7.7 per cent, and contributed significantly to the decline in the overall PPI. Both the system price from Nord Pool and the price of electricity sold to the Norwegian households fell from February to March. Electricity prices are at their lowest since September 2012.

Weak price decrease within manufacturing

The price index for manufacturing industries fell by 0.6 per cent from February to March. The decrease was mainly due to lower prices within refined petroleum products as well as chemical and pharmaceutical products, of 2.2 and 1.9 per cent respectively. Higher prices within the two industries, computer and electrical equipment as well as furniture and manufacturing, contributed to dampening the decrease in the total index. Other industries had only small price changes from February to March.

Higher price decline in exported goods

Prices in both markets fell from February to March. However, the total PPI fell more in the export than in the domestic market. The difference can be explained by a stronger influence of the extraction of oil and natural gas in the export market. The prices on domestic goods fell mainly due to a reduction in the prices of electricity.

Twelve month rate: PPI nearly unchanged

Compared with March 2013, the PPI was 0.1 per cent higher in the same month this year. Higher prices within mining support service activities and food products had the strongest influence. Lower prices within electricity, with a fall of 23 per cent, almost offset the price increase during the twelve-month period.