Prices in Norwegian manufacturing up in January
Higher prices in manufacturing were the main contributor, while prices within extraction and extraction services and electricity production went down.
The rise in the PPI was mainly caused by a price increase in the manufacturing of 2 percent.
Lower prices within extraction and extraction services as well as electricity production curbed the rise in the PPI total.
Prices of extraction and related services went down by 2 percent.
This was caused by lower prices of natural gas and extraction services, while the price of crude oil went slightly up from December to January.
Prices of electricity fell for the second month in a row in January after increasing continuously from August to November.
The twelve-month change was 42.2 percent in December, but dropped to 0.3 percent in January. This was caused by the sharp price increase from December 2015 to January 2016, while prices from December 2016 to January 2017 fell.
The prices within the manufacturing as a whole went up by 2 percent from December to January.
This was mainly caused by a price increase of almost 13 percent within refined petroleum products. This must be seen in context with the increase in the price of crude oil at the end of last year.
Refined petroleum products often follow the trend of the price of oil with some time lag.
Lower prices on food products contributed to dampen the price increase within the manufacturing industry as a whole. ■