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Higher oil price pulled PPI up
statistikk
2015-03-10T10:00:00.000Z
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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The producer price index (PPI) measures price changes for oil and gas, manufacturing, mining and electricity. The PPI increased by 2.1 per cent from January to February 2015.

Producer price index, February 2015

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Higher oil price pulled PPI up

The producer price index for oil and gas, manufacturing, mining and electricity (PPI) increased by 2.1 per cent from January to February 2015. A higher price of Brent Blend caused the increase in the PPI. From February 2014 to February 2015, the PPI fell by 9.9 per cent.

Producer price index. 2000=100Published 10 March 2015
Per centIndexWeights1
February 2015 / January 2015February 2015 / February 2014February 2015
1The weights are updated annually, and are valid for the entire year.
Industrial Classification
Extraction, mining, manufacturing and electricity2.1-9.9229.31 000.0
Extraction and related services4.2-19.0323.5460.7
Mining and quarrying-0.70.1169.09.0
Manufacturing0.9-1.5159.0488.6
Food, beverages and tobacco1.57.1165.1106.4
Refined petroleum, chemicals, pharmaceuticals1.8-21.5176.7125.4
Basic metals-0.923.6197.239.1
Machinery and equipment-0.14.3159.252.8
Electricity, gas and steam-4.1-2.3231.141.7

Source: Statistics Norway

The PPI was 229.3 (with 2000=100) in February, which is 2.1 per cent higher than in January. The main reason for the increase in the total index was higher prices in the industry ‘extraction of oil and natural gas’. Prices of crude oil Brent Blend picked up by about 19 per cent to nearly NOK 450 per barrel in February, after falling 16 per cent from December to January. Prices of natural gas, however, decreased from January to February and pulled the price growth in ‘extraction of oil and natural gas’ down.

Lower prices of electricity and within mining support service activities dampened the increase in the PPI.

Slight price increase in Norwegian manufacturing

A price increase within manufacturing industries of 0.9 per cent was also an important factor behind the rise in the PPI from January to February. About half of the price increase in manufacturing, however, emanated from refined petroleum products and was connected to the rise in prices of Brent Blend. Excluding petroleum products, the index for manufacturing was just 0.4 per cent higher in February compared to January. Other manufacturing industries that caused the rise in manufacturing were food products and computer and electrical equipment.

Prices within basic metals and basic chemicals fell by 0.9 and 1.0 per cent respectively from January to February and moderated the rise in the manufacturing index.

Twelve-month rate – PPI down 9.9 per cent

The PPI decreased by 9.9 per cent from February 2014 to February 2015. Lower prices within ‘extraction of oil and natural gas’ and ‘refined petroleum products’ caused the decline in the total index. Prices of oil, natural gas and refined petroleum products were significantly lower in February 2015 compared with February 2014. Rising prices within basic metals and food products dampened the decrease in the PPI.