Lower prices on crude oil, natural gas and petroleum products contributed to the overall decline in the PPI from July to August, the first since February.
Prices on food products fell for the first time in ten months due to lower prices on fish.
PPI fell by 1.8 per cent from July to August. Within extraction of oil and natural gas, prices fell by 3.1 per cent. The oil price went down 2 per cent.
Lower prices within the manufacturing industry
Prices on refined petroleum products fell by 7.6 per cent from July to August, which was driven by lower oil price.
Food prices had its first price decrease in ten months. The price reduction mainly came from lower prices on fish, salmon in particular, due to oversupply in the market. This is fairly common in August when Europe is in holiday mode and demand for salmon is reduced.
Continued price rise on basic metals
Prices on basic metals continued upward for the fourth consecutive month. From July to August, prices rose by 3.5 per cent, mainly due to non-ferrous metals.
Prices on electricity fell by 1.8 per cent from July to August. Still the electricity prices are more than 50 per cent higher compared to the same period last year.
Source: SSB / Norway Today