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First basic metals price increase in over a year
statistikk
2016-06-10T10:00:00.000Z
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 2.7 per cent from April to May 2016.

Producer price index, May 2016

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First basic metals price increase in over a year

Prices on basic metals had a small price increase from April to May. This came after several months of declines. Still, higher oil price contributed most to the 2.7 per cent rise in the producer price index from April to May.

Producer price index. 2000=100Published 10 June 2016
Industrial ClassificationIndex change in per centIndexWeights1
April 2016 - May 2016May 2015 - May 2016
1The weights are updated annually, and are valid for the entire year.
Extraction, mining, manufacturing and electricity2.7-11.9204.51 000.0
 
Extraction and related services5.0-25.7247.2405.4
Mining and quarrying-2.93.6177.77.6
Manufacturing1.5-1.7158.1544.6
Food products0.66.4177.2117.0
Refined petroleum products9.3-17.1160.879.1
Basic metals0.5-12.2169.845.7
Machinery and equipment0.04.2158.959.2
Electricity, gas and steam1.317.7230.542.4

Source: Statistics Norway

From April 2015 to April 2016, prices on basic metals have been decreasing steadily. In May the negative trend was broken when prices rose by 0.5 per cent. Prices increased mainly due to higher export prices on different ferrous metals.

Prices on oil and refined petroleum products continued to rise

May was the third consecutive month with rising prices on crude oil and refined petroleum products. The oil price, Brent blend was about $ 49 a barrel at the end of May. In June the oil price continued to rise, and after the first week the oil price passed $ 52 a barrel.

Prices on refined petroleum products rose about 9 per cent from April to May. Despite the price rise on refined petroleum products in May, prices are still about 17 percent lower than the same month last year. 

Other groups with higher prices in May were:

• Food products, up 0.6 per cent

• Chemicals and pharmaceutical products, up 0.4 per cent

• Electricity, up 1.3 per cent

The electricity prices stayed about 18 per cent higher than the same month last year. May 2015 was characterized with heavy rainfall in eastern and western Norway, which gave large inflow to water-reservoirs and hence low electricity prices.

Small price decreases for several industries

Cheaper computers and electrical equipment contributed weak to curb inflation in the overall PPI from April to May. There were only minor price declines within:

- services to mining and quarrying

- textiles and wearing apparel

- paper and paper products