UK: SURGE IN COST OF MANUFACTURING RAW MATERIALS

Article Abstract:

Figures from the Office for National Statistics reveal a 2.5% increase in costs of raw materials ordered by factories in February 2000: the 14.5% annual rise in materials and fuel costs was the highest since February 1980. The figure was ahead of the City forecast of 12% and January's figure of 10.4%. Output prices, however, rose by just 0.1%, reducing the annual rate from 2.4% in January to 2.3% for February. The decline was the first fall in output costs since November 1998, and revealed the cutting of profit margins by industry. The main driving forces behind the trend included increasing oil prices and higher costs for palladium and rhodium, non-ferrous metal used in catalytic converters. Annual inflation in total imported materials reached 12.9% in February.

Primary Smelting and Refining of Nonferrous Metal (except Copper and Aluminum), Production Management, Production & Business Activity, Palladium, Precious metals industry, Precious metal products

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US: INCREASE IN OIL PRICES

Article Abstract:

The price of oil fell by over 2% on 2 August 2000. The decline is said to be related to the fastest fall in US stocks for 18 months. The US Department of Energy announced that its crude oil inventory had fallen by 10.6mn barrels during late July 2000 and the American Petroleum Institute (API) also revealed that its stocks fell by 9mn barrels during the same period. The fall in API's stocks shocked the market, as it had previously been predicted that API would see an increase of 1mn barrels rather than a decline.

United States, Production data, Petroleum refining, American Petroleum Institute

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