199078_not-searchable
/en/priser-og-prisindekser/statistikker/pif/maaned
199078
Price falls in petroleum and petroleum products
statistikk
2015-09-10T10:00:00.000Z
Prices and price indices
en
pif, Price index of first-hand domestic sales, price trends, inflation, wholesale price index, domestic market, import market, product groups (for example food, chemical products, machines)Producer and wholesale price indices, Prices and price indices
false
The price index of first-hand domestic sales (PIF) measures the price change of the first commercial transaction for many products, producers’ selling prices and importers’ buying prices.

Price index of first-hand domestic sales, August 2015

Content

Published:

This is an archived release.

Go to latest release

Price falls in petroleum and petroleum products

The price index for first-hand domestic sales (PIF) decreased by 1.4 per cent from July to August 2015. The price fall was due to price declines in petroleum and petroleum products. Higher prices of electricity, food as well as machinery and equipment helped to curb the decline in the PIF.

Price index of first-hand domestic sales. 2000=100Published 10 September 2015
Product groupsChanges in per centIndexWeights1
August 2015 / July 2015August 2015 / August 2014August 2015
1The weights are updated annually, and are valid for the entire year.
Total index-1.4-3.2143.81 000.0
Food0.65.6155.3192.6
Beverages and tobacco1.65.4166.914.3
Crude materials, inedible, except fuels-0.5-2.0135.947.7
Mineral fuels, lubricants and related materials-8.9-28.3171.4218.4
Chemicals and related products, n.e.s.0.05.1156.265.2
Manufactured goods classified by material0.43.5137.6130.9
Machinery and transport equipment0.73.0104.8229.7
Miscellaneous manufactured articles0.54.4120.194.6

Source: Statistics Norway

Petroleum and petroleum products, where the prices fell by over 12 per cent, was by far the most important contributor to the decline in the PIF. The fall was due to a sharp drop in crude oil prices from July to August.

The index for electricity rose by 12.4 per cent from July to August, after falling to a historical low in July. A significant rise in electricity spot prices on the Nordic power exchange Nord Pool, of over 40 per cent, was the main reason for the rise in the electricity index. Despite a relatively strong monthly increase in electricity prices, the prices in August were roughly at the same level as in June this year and over 30 per cent lower than in August 2014.

Two other groups with a price increase in August were:

  • Food products
  • Machinery and transport equipment.

Norwegian fish and imported vegetables, fruits, coffee, tea and cocoa were the product groups that pulled the food index up. Higher import prices for office machines and data processing machines were behind the rise in the index for machinery and transport equipment. The rise in import prices could partly be explained by the depreciation of the Norwegian krone against the currencies of our trading partners.