Norway PPI fell in June on a month-on-month term, a release from Statistics Norway showed. The index fell to 87.62 in June from 89.91 in the preceding month.
Norway PPI fell due to a drop in energy goods price of 5.6 percent during the month. Weak crude oil prices, refined petroleum products and electricity were the primary reasons for the drop in energy prices.
The official release pointed out that crude oil prices Brent Blend dropped 9.5 percent in June. Since January 2016, this was the biggest drop in prices after the United States removed the export ban on crude oil. The average price of crude was $47 in June. The release attributed the increased share oil production in the United States as the primary cause for the drop in price.
“Prices of electricity fell by 8.3 per cent from May to June. High inflows to Norwegian water reservoirs due to snow melting and lower consumption were among the reasons for the price decline,” the release added.