OSLO, Jan. 10 (Xinhua) -- Norway's producer price index (PPI) went up 5.1 percent from Nov. to Dec. 2016 as prices within oil extraction and natural gas rose by 17.3 percent, the country's statistics bureau said on Tuesday.
The increases in prices of extraction of oil and natural gas were the main contributors to the rise in the total PPI in December. The PPI without energy goods went up only 0.4 percent, Statistics Norway said in a report.
The price of crude oil, Brent Blend, increased by 18 percent from November to December after agreements on cut in oil production between OPEC and other petroleum exporting countries, according to the report.
Also the price of natural gas increased substantially in December, and reached its highest level in 2016. Within extraction of oil and gas, prices rose by 17.3 percent, the report said.
However, the rise of the total PPI was counteracted by a decrease in prices of electricity, which fell by 12.4 percent last month.
At the same time, the total PPI at the domestic market went down 0.1 percent as petroleum and natural gas are substantially less weighted at the domestic market compared to the export market, while the prices of electricity are weighted higher at the domestic market.
