Content
Published:
This is an archived release.
Crude oil, oil products and fish up in February
The Producer price index for oil and gas, manufacturing, mining and electricity (PPI) increased by 0.5 per cent from January to February. Higher prices of oil, refined petroleum products and fish were important factors behind the increase. A price fall in electricity and mining support service activities mitigated the rise in the PPI. From February 2012 to February 2013, the PPI fell by 2.8 per cent. Price decreases in export products explain the decline.
| Per cent | Index | Weights1 | ||
|---|---|---|---|---|
| February 2013 / January 2013 | February 2013 / February 2012 | February 2013 | ||
| 1The weights are updated annually, and are valid for the entire year. | ||||
| Industrial Classification | ||||
| Extraction, mining, manufacturing and electricity | 0.5 | -2.8 | 244.9 | 1 000.0 |
| Extraction and related services | 0.6 | -3.7 | 377.7 | 482.3 |
| Mining and quarrying | 0.7 | 10.9 | 167.0 | 9.6 |
| Manufacturing | 0.6 | -1.1 | 156.1 | 466.1 |
| Food, beverages and tobacco | 1.2 | 2.4 | 146.4 | 94.6 |
| Refined petroleum, chemicals, pharmaceuticals | 1.6 | -3.8 | 215.9 | 136.5 |
| Basic metals | -0.8 | -5.3 | 161.4 | 41.3 |
| Machinery and equipment | 0.1 | 1.0 | 147.1 | 47.9 |
| Electricity, gas and steam | -1.5 | -12.9 | 262.3 | 42.0 |
One-month change: higher oil price
The increase in the PPI of 0.5 per cent from January to February 2013 can be explained by higher prices within extraction of oil and natural gas as well as manufacturing, mining and quarrying. The price rise in extraction of oil and natural gas was entirely driven by higher prices of crude oil. The price of crude oil; Brent Blend measured in Norwegian kroner, increased by 2.3 per cent and was on average 116 US dollars per barrel in February. The increase in the PPI in February was dampened by lower prices within electricity and mining support service activities. Price decreases in these groups were 1.5 and 0.8 per cent respectively.
Prices in manufacturing increased by 0.6 per cent from January to February after declining for four consecutive months. Prices within food products and refined petroleum products played a large role in bringing the index for manufacturing up. The price increase of 1.2 per cent in food products was due to higher prices in fish and fish products, dairy products and cereal products. An important manufacturing group with a price decline in February was basic metals.
Twelve-month change: 2.8 per cent decrease in the PPI from February 2012 to February 2013
Lower prices within extraction of oil and natural gas were the main reason for the decrease in the PPI from February 2012 to February 2013. The prices in this sector fell by 3.7 per cent due to a 5 per cent fall in the average oil price – Brent Blend, measured in Norwegian kroner. Electricity prices fell by 12.9 per cent from February 2012 to February 2013.
A 1.1 per cent fall in manufacturing prices also contributed to the decline in the PPI from February 2012 to February 2013. A decline in export prices in refined petroleum products and basic metals was the main cause of the price fall in manufacturing. Prices in food products, however, increased by 2.2 per cent and helped curb the decline in manufacturing. Feeding stuff for animals, dairy products and meat and meat products were important reasons for the price increase, while prices in fish and fish products declined due to lower export prices.
Additional information
Contact
-
Producer price index
E-mail: produsentpris@ssb.no
tel.: (+47) 21 09 40 00
-
Elisabeth Mælum
E-mail: elisabeth.maelum@ssb.no
tel.: (+47) 97 01 28 49
-
Morten Madshus
E-mail: morten.madshus@ssb.no
tel.: (+47) 40 90 26 94
-
Monika Græsli Engebretsen
E-mail: monika.graesli.engebretsen@ssb.no
tel.: (+47) 40 90 23 71
-
Håvard Georg Jensen
E-mail: havard.jensen@ssb.no
tel.: (+47) 40 90 26 86