Price increase on all energy goods

Several sectors of industry had a price drop in November, among these mineral products, metals, chemicals and pharmaceuticals. However, price increases in crude oil, natural gas and their refined counterparts along with electricity prices, made the total index increase, according to new figures from the Producer price index. The total index for the industries also had an increase, much of this as a consequence of the refining industry.

Higher elctricity prices despite rainy November

The start of November was crisp, and temperatures below freezing resulted in higher electricity prices in all Nordic countries. The Norwegian consumption was partially covered by imports. However, little wind and high prices in Sweden and Denmark made the electricity bills notable in the whole region. Later in November the picture was reversed, with more wind and higher temperatures. The lower demand, combined with more imports, made the prices drop in the latter parts of the month. This was despite low levels in Norwegian magazines. In total, the prices on electricity increased by 4,6 percent. 

High exports, low exchange rate

In the food industries there was a relatively large decrease in November on processed seafood on the export market. For the dometic market there was a price increase of almost equal magnitude. This resulted in the total index for processed seafood only seeing a minuscle decrease. The price decrease on the export market came in the wake of a record high fish exports in October.

The Norwegian krone is continuously on a downward exchange rate, measured by the import weighted exchange rate I-44. This is positive news for Norwegian exporters, as they get higher prices on their products in NOK. The excheange rate does not appear to have a significant effect in the seafood industry. It may however, have contributed to the particularly strong export price increases on the important Norwegian export products in the energy sector.