A new report by Statistics Norway has shown the PPI (Producer Price Index) decreased by 2.6% between January and February.
The estimate is the third month in a row where there has been a decline with the prices of natural gas, electricity and refined petroleum all contributing.
In the report, it was found the drop in PPI in the two previous months had been strongly affected by the declining price of crude oil, despite the price of oil being slightly up.
A substantial decline in the price of natural gas led to a decrease of 3.1% in the index for crude extraction of crude oil and natural gas as a whole.
In the last 12 months it was found the index for crude oil had fallen 34.2%.
The decrease had a major influence on the overall PPI, which fell 14.9% over the past year.
Statistics Norway said the prices of electricity also went down by 21.6% from January to February and had contributed significantly to the overall drop in the PPI.
The large decline was seen in relation to the large increase last month, when prices were up by 36.7%.
Statistics Norway said the drop was caused by milder weather and lower electricity consumption, among other things.
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