Continued rise in PPI
Published:
The producer price index (PPI) rose 1.5 per cent from August to September. The increase was mainly caused by rising prices on crude oil, natural gas and refined petroleum products. The PPI is up more than 20 per cent over the previous twelve months also due to rising prices on energy goods.
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The price of crude oil passed 80 US dollars per barrel in September. The price of crude oil in NOK increased by about 6 per cent, and together with higher price on natural gas, made up the most important contribution to the overall growth in the PPI. The price development on refined petroleum products which often follows crude oil also increased by 2.1 per cent.
The relatively high twelve-month change in the PPI was driven by high growth in prices on energy goods. Most energy goods are considerably higher priced compared to September 2017.
Figure 1. Price indices. 2013=100
PPI total
Oil and natural gas extraction
Electricity
Jan. 2013
98.3
97.9
101.9
Feb. 2013
98.8
98.8
100.3
Mar. 2013
99.7
98.9
108.2
Apr. 2013
100
100
110.9
May 2013
97.8
96.4
97.6
Jun. 2013
97.6
96.8
92.9
Jul. 2013
100
100.5
93.7
Aug. 2013
101
101.7
94.9
Sept. 2013
101.5
102.1
100.1
Oct. 2013
100.9
100.2
102.5
Nov.2013
101.4
101.5
100.9
Dec. 2013
103
105.1
96.2
Jan. 2014
103.5
105.2
96.2
Feb. 2014
102.8
104
90.5
Mar. 2014
99.8
98.1
83.5
Apr. 2014
99.3
97.2
79
May 2014
98.4
95.1
77.4
Jun. 2014
98.8
96
75.4
Jul. 2014
98.3
92.3
83.3
Aug. 2014
97.6
89.6
88.2
Sept. 2014
97.6
89.8
93.7
Oct. 2014
97.4
90.1
87.3
Nov.2014
94.7
83.6
87.9
Dec. 2014
94.9
84.2
95.2
Jan. 2015
90.6
76
92.1
Feb. 2015
92.6
80.1
88.4
Mar. 2015
93.8
82.6
81.8
Apr. 2015
93.8
82.5
80.5
May 2015
93.7
83.3
74.9
Jun. 2015
94
85
62.3
Jul. 2015
91.8
80.7
53.5
Aug. 2015
87.9
72.2
60
Sept. 2015
87.7
72.3
67.2
Oct. 2015
88.2
72
78.5
Nov.2015
88.6
71.4
86.2
Dec. 2015
84.7
64.2
77.3
Jan. 2016
80.9
54.4
105.7
Feb. 2016
78.8
52.8
82.9
Mars.2016
79.7
54.3
87.2
Apr. 2016
80.4
54.9
87
May 2016
82.6
58.3
88.2
Jun. 2016
84.9
61.8
95.5
Jul. 2016
85.2
62
93.5
Aug. 2016
83.7
60.1
91.8
Sept. 2016
82.4
58
92.2
Oct. 2016
84.3
60.5
109.4
Nov.2016
86.4
63
125.5
Dec. 2016
90.8
73.9
110
Jan. 2017
91.1
72.7
106
Feb. 2017
93.6
76.3
107.7
Mar. 2017
92.6
75.4
105.6
Apr. 2017
90.7
69.7
103.6
May 2017
89.9
68
103.7
Jun. 2017
87.6
64.4
95.1
Jul. 2017
86.7
62.1
98
Aug. 2017
87.1
62.6
100.2
Sept. 2017
89.6
66.9
109.9
Oct. 2017
91.8
73.1
103.7
Nov.2017
94.8
78
115.5
Dec. 2017
97.5
83.7
116.2
Jan. 2018
100.5
89.2
119.1
Feb. 2018
98
80.7
133.4
Mar. 2018
98.5
82.2
143.2
Apr. 2018
101.7
91.6
134
May 2018
102.9
93
123.9
Jun. 2018
105.2
94.2
147.9
Jul. 2018
106.3
95.2
164.3
Aug. 2018
106.9
97
165.9
Sept. 2018
108.5
101.1
160.7
Electricity prices down from August to September
Electricity prices, which increased sharply during the summer, fell somewhat from August to September. A lower spot price on Nord Pool together with electricity sold to Norwegian households caused a 3.2 per cent drop in electricity prices in the PPI. However, electricity prices still grew 46 per cent over the previous twelve months. Following a relatively low level in Norwegian water reservoirs during this summer, the level increased somewhat in September. At the same time, the Nordic production of wind power was high in periods of September.
Manufacturing: Basic metals up, wood and wood products up
Manufacturing prices remained more or less unchanged from August to September, and most manufacturing industries experienced only minor price changes. One manufacturing industry which experienced lower prices was production of basic metals. Prices of basic metals fell 1 per cent, which was particularly impacted by lower prices on non-ferrous metals as well as iron and steel. Prices of basic metals in the PPI fell continuously since June this year.
One manufacturing industry which experienced higher prices and continues its trend was production of wood and wood products. Prices of wood and wood products increased continuously since January this year and grew 6.8 per cent compared to September 2017.
Figure 2. Price indices. 2014=100
Manufacturing | Wood and wood products | Basic metals | |
Jan. 2014 | 99.9 | 98.5 | 91.9 |
Feb. 2014 | 99.9 | 98.6 | 92.7 |
Mar. 2014 | 99.4 | 99.4 | 92.5 |
Apr. 2014 | 99.5 | 100.3 | 94.8 |
May 2014 | 99.5 | 100.9 | 95.6 |
Jun. 2014 | 100.1 | 100.9 | 98.8 |
Jul. 2014 | 100.7 | 99.6 | 101.8 |
Aug. 2014 | 101.2 | 99.8 | 102.4 |
Sept. 2014 | 100.6 | 100.2 | 104.9 |
Oct. 2014 | 100.3 | 100.6 | 105.1 |
Nov.2014 | 100 | 100.5 | 107.7 |
Dec. 2014 | 99 | 100.8 | 111.8 |
Jan. 2015 | 97.5 | 100.9 | 115.6 |
Feb. 2015 | 98.4 | 100.7 | 114.6 |
Mar. 2015 | 99.1 | 100.7 | 117.3 |
Apr. 2015 | 99.4 | 101.1 | 114 |
May 2015 | 99.5 | 101.8 | 112.4 |
Jun. 2015 | 99.7 | 101.7 | 112 |
Jul. 2015 | 99.8 | 102 | 109.6 |
Aug. 2015 | 98.6 | 102 | 106.5 |
Sept. 2015 | 97.4 | 102 | 105.8 |
Oct. 2015 | 97.8 | 101.5 | 105.3 |
Nov.2015 | 98.4 | 101.6 | 104.6 |
Dec. 2015 | 97.4 | 101.7 | 102.4 |
Jan. 2016 | 96.1 | 101.4 | 101.1 |
Feb. 2016 | 95.4 | 101.4 | 99.8 |
Mars.2016 | 95.7 | 101.5 | 99.5 |
Apr. 2016 | 96.4 | 102.1 | 98.1 |
May 2016 | 97.8 | 102.9 | 98.7 |
Jun. 2016 | 99 | 103.1 | 98.7 |
Jul. 2016 | 100.3 | 103.2 | 102.7 |
Aug. 2016 | 99.1 | 103 | 106.2 |
Sept. 2016 | 98.6 | 103.5 | 104.6 |
Oct. 2016 | 99.1 | 103.2 | 103 |
Nov.2016 | 99.9 | 102.9 | 105.6 |
Dec. 2016 | 100.6 | 103.4 | 108.6 |
Jan. 2017 | 102.6 | 103.6 | 110.9 |
Feb. 2017 | 104.6 | 103.3 | 115.9 |
Mar. 2017 | 104 | 103.3 | 118.5 |
Apr. 2017 | 104.3 | 103.8 | 121.5 |
May 2017 | 104.2 | 104.3 | 122.3 |
Jun. 2017 | 103.5 | 104.4 | 121 |
Jul. 2017 | 103 | 104.7 | 121 |
Aug. 2017 | 102.9 | 104.5 | 121.3 |
Sept. 2017 | 104.2 | 104.5 | 123.2 |
Oct. 2017 | 104.7 | 105 | 121.3 |
Nov.2017 | 105.9 | 105.5 | 128.3 |
Dec. 2017 | 107.6 | 105.4 | 129.8 |
Jan. 2018 | 108.5 | 104.9 | 130.4 |
Feb. 2018 | 108.5 | 105.4 | 134.5 |
Mar. 2018 | 108.3 | 106.5 | 134 |
Apr. 2018 | 108.8 | 108.4 | 134.1 |
May 2018 | 111.2 | 109 | 137.6 |
Jun. 2018 | 112.4 | 109 | 140.2 |
Jul. 2018 | 112.2 | 110.1 | 137.4 |
Aug. 2018 | 111.9 | 110.7 | 135 |
Sept. 2018 | 111.9 | 111.7 | 133.7 |
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Marius Andersen
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Statistics Norway's Information Centre