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Price falls in electricity and natural gas
statistikk
2014-05-09T10:00:00.000Z
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 April 2014

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Price falls in electricity and natural gas

The producer price index for oil and gas, manufacturing, mining and electricity (PPI) fell by 0.5 per cent from March to April. The most important reasons for the decline were lower prices of electricity and natural gas. From April 2013 to April 2014, the PPI decreased by 0.6 per cent.

Producer price index. 2000=100Published 9 May 2014
Per centIndexWeights1
April 2014 / March 2014April 2014 / April 2013April 2014
1The weights are updated annually, and are valid for the entire year.
Industrial Classification
Extraction, mining, manufacturing and electricity-0.5-0.6246.11 000.0
Extraction and related services-0.7-1.1377.7479.1
Mining and quarrying0.11.2169.111.5
Manufacturing0.12.6160.8463.0
Food, beverages and tobacco0.15.1154.198.8
Refined petroleum, chemicals, pharmaceuticals-0.42.1219.5135.4
Basic metals2.42.6163.236.8
Machinery and equipment0.32.8153.042.0
Electricity, gas and steam-5.3-28.8206.646.4

Source: Statistics Norway

The PPI had a value of 246.1 (with 2000=100) in April, which is 0.5 per cent lower than in March.

The decrease in the PPI was due to price falls within extraction of oil and natural gas, as well as electricity. The price decline of 0.7 per cent in extraction of oil and natural gas was caused by lower prices of natural gas; the price of crude oil (Brent Blend) was virtually unchanged from March to April. Electricity prices fell by 5.3 per cent due to lower system prices on Nord Pool, as well as cheaper electricity sold to Norwegian households.

The decrease in the PPI in April was moderated by price increases in mining support service activities and basic metals, of 0.3 and 2.4 per cent respectively.

Twelve month rate - price decrease of 0.6 per cent

PPI fell by 0.6 per cent from April 2013 to April 2014. Lower prices of electricity, as well as extraction of oil and natural gas were the main reasons for the decline in the index. Electricity prices were almost 29 per cent lower in April 2014 than in the same month last year. Mild weather in southern Norway, and Easter holidays led to lower demand for energy and lower electricity prices in April 2014. Prices within oil and gas production fell by 2.8 per cent; the price of natural gas accounted for the decline. The price of oil, however, was over 8 per cent higher in April this year than in April last year.

The main industry that helped to mitigate the decline in this twelve month period was mining support service activities, where prices rose by 7.8 per cent. In addition, the prices increased in several manufacturing groups: food products, refined petroleum products and repair and installation of machinery. Price increases in these groups contributed to an increase in the index for manufacturing, which was 2.6 per cent higher than one year ago, and helped to moderate the decline in the PPI from April 2013 to April 2014.