Producer price index, 15 May 2005

The price of crude oil (Brent Blend) fell by 5.2 per cent from April to May. High levels of US oil stocks and increased oil production in Saudi-Arabia contributed to the decrease.

Prices within refined petroleum products fell by 4.5 per cent after the price top last month, but the level remains very high. Prices also fell for other main industries - among them basic metals and electrical and optical equipment whose prices declined by 1.3 and 2.4 per cent respectively.

Electricity prices fell by 0.2 per cent last month. According to the main industrial groupings, prices of consumer goods increased by 0.2 per cent. Intermediate goods and energy goods increased by 0.6 per cent and 4.3 per cent respectively

12-month rate: May 2004 to May 2005

Compared to May 2004 manufacturing prices rose by 4.4 per cent, prices on refined petroleum products increased by 16.4 per cent and contributed most to the increase. Except for electrical and optical equipment also prices of the other industries increased last twelve months. Chemicals and chemicals products and basic metals increased by 4.9 and 6.5 per cent respectively.

The total index of oil and gas extraction, manufacturing, mining and quarrying and electricity, gas and steam supply has increased by 9.2 per cent since May 2004. Oil prices (Brent Blend) increased by 20.0 per cent while electricity prices fell by 2.6 per cent. According to the main industrial groupings, prices of energy goods, capital goods and intermediate goods increased by 14.7 per cent, 1.8 per cent and 3.3 per cent respectively.

Commodity price index for industrial sectors

As announced previously, the articles for the Producer Price Index and the Commodity Price Index for the industrial sectors are now coordinated. The web pages for both surveys will remain the same for the time being - www.ssb.no/ppi_en and www.ssb.no/vppi_en.