Content
Published:
This is an archived release.
Electricity pulled the PPI down
The producer price index for oil and gas, manufacturing, mining and electricity (PPI) increased by 0.6 per cent from September to October. An increase in electricity prices was the main reason for the decrease in the PPI.
| Industrial Classification | Index change in per cent | Index | Weights1 | |
|---|---|---|---|---|
| September 2015 - October 2015 | October 2014 - October 2015 | |||
| 1The weights are updated annually, and are valid for the entire year. | ||||
| Extraction, mining, manufacturing and electricity | 0.6 | -9.4 | 218.6 | 1 000.0 |
| Extraction and related services | -0.4 | -17.0 | 295.0 | 460.7 |
| Mining and quarrying | 0.9 | 2.7 | 177.5 | 9.0 |
| Manufacturing | 0.4 | -2.5 | 158.1 | 488.6 |
| Food products | 0.2 | 7.1 | 168.3 | 99.6 |
| Refined petroleum products | 2.8 | -24.5 | 172.7 | 86.9 |
| Basic metals | -0.4 | 0.2 | 181.3 | 39.1 |
| Machinery and equipment | 0.3 | -2.2 | 152.9 | 52.8 |
| Electricity, gas and steam | 16.9 | -10.1 | 205.3 | 41.7 |
The rise in the PPI of 0.6 per cent was due to higher prices of electricity. The index for electricity increased by almost 17 per cent from September to October as a result of higher spot prices on the Nord Pool as well as higher prices for electricity sold to Norwegian households. Increased consumption and low inflow to Norwegian reservoirs were the main causes of increased electricity prices. Despite the fact that electricity prices rose for the third month in a row, the prices were still more than 10 per cent lower than in October last year.
Refined petroleum products drew prices in manufacturing up in October
The overall price increase in manufacturing was 0.4 per cent in October. Higher prices within refined petroleum products caused the rise in the index for manufacturing. The price increase in refined petroleum products can be explained by strong price increases in some products, such as propane and jet fuel, while price changes in other refined petroleum products were relatively small. Despite the price rise in October 2015, the index for refined petroleum products was more then 24 per cent lower than in October 2014.
The index for manufacturing without refined petroleum products, however, declined slightly from September to October. Chemical and pharmaceutical products as well as basic metals were the industrial sectors that had the greatest decline in October. Prices of basic metals have been declining since March 2015, while prices of the chemical and pharmaceutical products increased uninterruptedly from March, before the price drop in October. Compared with October 2014, prices in manufacturing without petroleum products increased by almost 3 per cent in October 2015.
Declines in extraction and related services
Extraction and related services consist of two industries: extraction of oil and natural gas, and mining support service activities. From September to October, prices in both sectors went down.
The 0.5 per cent price decline in extraction of oil and gas emanated from lower prices of natural gas, while oil prices increased slightly from September to October. The index for mining support service activities fell by 0.2 per cent. The twelve-month change for both extraction and related services shows that prices in these industries weakened after October 2014.
Additional information
Contact
-
Producer price index
E-mail: produsentpris@ssb.no
tel.: (+47) 21 09 40 00
-
Elisabeth Mælum
E-mail: elisabeth.maelum@ssb.no
tel.: (+47) 97 01 28 49
-
Morten Madshus
E-mail: morten.madshus@ssb.no
tel.: (+47) 40 90 26 94
-
Monika Græsli Engebretsen
E-mail: monika.graesli.engebretsen@ssb.no
tel.: (+47) 40 90 23 71
-
Håvard Georg Jensen
E-mail: havard.jensen@ssb.no
tel.: (+47) 40 90 26 86