Lower prices on natural gas and extraction services were the main contributors for a drop in the PPI from August to September.
Lower prices on fish and non-ferrous metals also contributed to the decline.
The PPI fell 1.6 per cent from August to September. This was the second month in a row with a decline. Before that the PPI was on an upward trend as it increased continuously from February to July this year.
Lower prices on natural gas and extraction services
The price on crude oil went slightly up from August to September while the price of natural gas fell substantially. It is almost seven years since the price of natural gas was as low as in September.
The prices of extraction services went down from August to September. Since January 2015, prices in this sector have gone down over 15 per cent. This must be seen in context with lower levels on the crude oil price.
The prices within manufacturing went down for the second month in a row
The prices within manufacturing as a whole went down 0.5 per cent from August to September. Lower prices on food products and metals were among the main contributors. This was the second month in a row with a drop in manufacturing prices, after a continuous increase from February to July.
Lower prices on food products and metals
The prices in the food industry also went down for the second month in a row after growing continuously from September last year to July this year. Lower prices on fish were the main contributor for the drop from August to September. Further, a decline of 2.2 per cent in the prices of non-ferrous metals contributed to lower metal prices in the PPI.
The prices of electricity rose by 0.5 per cent from August to September and contributed to dampen the decline in the PPI.
Source: SSB / Norway Today