Price index of first-hand domestic sales, 15 October 2010

Higher prices of mineral fuels, lubricants and related materials made up the most important contribution to the increase in PIF from September to October. Prices rose in petroleum and petroleum products, electricity, and manufactured gas. There was a broad increase in prices in petroleum and petroleum products. This is related to the higher price of crude oil, which rose 3.1 per cent from September to October (Brent Blend measured in NOK).

Prices of manufactured goods rose 0.3 per cent from September to October. Since February this year, prices in this product group have experienced a continuous rise, with an overall increase of 4.5 per cent. The increase from September to October was caused by higher prices of cork and wood manufactures together with paper, paperboards and manufactures thereof. The latter had a marked increase in both domestic and import prices, while the former experienced a larger increase in import prices.

Two product groups which experienced a decline in prices were food and chemical products, in which prices fell 1.6 and 0.9 per cent respectively.

Twelve months change: Higher prices in both the domestic and import market

PIF increased 6 per cent from October 2009 to October 2010, and prices grew in both the domestic and import market. However, the price growth was larger on goods manufactured in the domestic market, in which petroleum and petroleum products as well as electricity stood for a large part of the overall increase. In the import market, crude materials (except fuels) and manufactured goods made up the most important contributions. Prices of machinery and transport equipment have experienced declining import prices during this twelve month period. Here, the price development has been characterised by a very clear drop in prices during 2009 and the first half of 2010, following a sharp increase at the end of 2008. This price trend has been followed by more moderate changes in recent months.