Price index of first-hand domestic sales, 15 June 2012

From May to June, prices in mineral fuels, lubricants and related materials dropped 6.3 per cent and made up the most important contribution to the overall decline in PIF. Mineral oil and petroleum products fell 6.1 per cent, while electricity prices fell 6.9 per cent. A lower system price in Nord Pool; the Nordic power exchange, as well as lower prices in electricity sold to household gave a decline in electricity prices.

Lower prices in non-ferrous metals was also important in bringing the PIF down from May to June, with prices here falling 1.9 per cent. The prices of non-ferrous metals in PIF have experienced a continuous decline since February this year, with an overall decline of 7.3 per cent.

Prices of food and crude materials (excluding fuels) rose by 1.9 and 1.2 per cent respectively from May to June. Food prices were particularly influenced by the prices of vegetables and fruit, which rose by 12.7 per cent.

PIF down 1.6 per cent over the previous 12 months

The PIF declined by 1.6 per cent from June 2011 to June 2012. Mineral fuels, lubricants and related materials together with crude materials were important in bringing the PIF down, with 10 and 6.9 per cent lower prices in this 12-month period. Electricity prices were about 33 per cent lower in June 2012 compared to June 2011. The monthly system price at Nord Pool was roughly halved compared to June 2011. In addition, prices in machinery and transport equipment as well as manufactured goods declined by 0.6 and 0.9 per cent respectively over the previous 12 months. Within machinery and transport equipment, lower prices in telecommunications equipment together with office machinery and data processing machines were important for the overall decrease in prices. In manufactured goods, non-ferrous metals fell by 11.2 per cent in this period.

The PIF measures the prices of Norwegian-produced goods sold to the Norwegian market and imported goods. The overall decrease in prices in the domestic market was 2 per cent for Norwegian-produced goods, while the decline was slightly smaller for imported goods. This is because the product group mineral fuels, lubricants and related materials, in which prices fell 10 per cent, is more important in the domestic market compared to the import market. Except food, beverages and tobacco as well as animal and vegetable oils, fats and waxes, the price growth was lower in most product groups in the import market compared to the domestic market.