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12783
Price increases in energy and metals
statistikk
2010-02-10T10:00:00.000Z
Prices and price indices;National accounts and business cycles;Energy and manufacturing
en
ppi, Producer price index, price trends, inflation, domestic market, export market, economic indicator, intermediate goods, energy goods, consumables, capital goods, metal-working industry, food industry, oil refining, machine industry, mining, metal prices (for example gold, aluminium, copper)Producer and wholesale price indices, Energy , Oil and gas , Business cycles , Manufacturing, mining and quarrying , National accounts and business cycles, Prices and price indices, Energy and manufacturing
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Producer price index, 15 January 2010

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Price increases in energy and metals

The Producer price index rose by 3.9 per cent from December 2009 to January 2010. The main reasons for this price rise were increases in prices in natural gas, oil and metals in the export market.

Price development for selected product groups. 2000=100

Prices in the extraction of oil and natural gas rose by 7.6 per cent in January. It was mainly gas prices that accounted for this rise. The cold winter in Europe and a higher demand for gas have helped drive gas prices up.

The average price of oil (Brent Blend in NOK) rose 1.4 per cent from December to January, while prices of non-ferrous metals increased by 2.7 per cent during the same period. It was particularly nickel and copper prices that increased considerably in January. The prices of crude oil and non-ferrous metals fluctuated widely in January, and were largely influenced by the economic news from Asia. Among other things, the positive export figures from China drove the prices up, while the Chinese authorities’ attempt to prevent the building of a debt bubble drove the prices down.

Small increase in manufacturing prices of 0.4 per cent

Prices within manufacturing increased slightly in January. It was mainly prices in the export market that accounted for this price rise. Higher prices in the industry for basis metals was one of the reasons for price increase in manufacturing. In addition, prices of refined petroleum products rose by 3.4 per cent in January, which was mainly due to higher gasoline prices last month. Prices in industry for computer and electrical equipment went up 0.3 per cent. It was especially the export prices of electrical equipment that increased considerably last month.

Prices in industry for basic chemicals and fabricated metal products helped dampen price inflation in manufacturing in January, with a fall in prices of 5.7 and 0.5 per cent respectively.

Twelve-month change: Producer prices up 13.8 per cent

The Producer price index rose by 13.8 per cent from January last year to January this year. Higher prices in oil and natural gas, refined petroleum products and non-ferrous metals played an important role in bringing the total index up. The rise in these three groups was 22.9, 32.2 and 15.8 per cent respectively.

New weights

With the new year, the weights used to compute the price indices have been updated. The weights indicate the relative influence of different industries on the overall index, and are based on the industries' share of Norwegian output value in the previous year. Compared with 2009, manufacturing industries have a higher impact in the index, while extraction of oil and natural gas have smaller weights. Use the links "Weights" or "More tables in Statbank" in the left hand window for more details about the weights.

New measurement of electricity prices

From January 2010 a new method is used for measuring electricity prices in the producer price index (PPI) and the commodity price index for the industrial sector (VPPI). The purpose of the new method is to improve the measurement of the price developments for various types of power contracts in the PPI. Thus, the new method involves divisions into a higher number of representative products and an extended use of data compared to the old method. Data from other surveys in Statistics Norway are used as well as Nordpool.

Producer price index. 2000=100
  January 2010 Changes, per cent
      December 2009-
January 2010 		January 2009-
January 2010
Total index  189.3 3.9 13.8
       
Extraction of oil and natural gas  240.6 7.6 22.9
Manufacturing, mining and quarrying  139.8 0.3 6.7
Electricity, gas and steam supply  319.5 13.9 -1.2
       
Main industrial groupings      
Intermediate goods  132.3 -0.4 -0.1
Investment goods  124.9 0.2 -0.2
Consumer goods  123.4 0.2 2.0
Energy goods  238.5 7.3 23.3

For information on the commodity price index for the industrial sectors, see http://www.ssb.no/vppi