Informations Rapides · 31 May 2023 · n° 138

In April 2023 the industrial producer prices fell back sharply over a month (-4.1%) and decelerated over a year (+5.0% after +9.5%) Industrial Producer and Import Price Indices - April 2023

In April 2023, the overall producer prices in the French industry fell back over a month (-4.1% after +1.2%), as did those of products sold on the home market (-5.1% after +1.9%). As for the prices of products intended for foreign markets, they continued to go down (-0.8% after -0.9%). Over a year, the industrial producer prices remained on a high rise but slowed down (+5.0% after +9.5%).

Excluding energy, the producer prices in the French industry fell back over a month (-0.3% in April 2023 after +0.4% in March) and decelerated over a year (+5.0% after +7.9%).

In April 2023, the producer prices in the French industry for the home market fell back significantly over a month (-5.1% after +1.9% in March 2023), driven by a sharp downturn in prices of mining and quarrying products, energy and water (-14.1% after +4.8%) and to a lesser extent in those of manufactured goods (-0.3% after +0.3%). Over a year, the producer prices in the French industry for the home market decelerated substantially: +7.0% after +12.8%. There were 31% above their 2021 average level.

In April 2023, the prices of mining and quarrying products, energy and water fell back considerably over a month (-14.1% after +4.8% in March 2023), driven down by the prices of production and trade of electricity (-15.3% after +9.1%). The latter were high in March since electricity orders for the first quarter of 2023 had been carried out in the summer of 2022, at a time of uncertainty on the availability of nuclear reactors and gas supplies. Over a year, the prices of mining and quarrying products, energy and water slowed down (+13.7% after +26.3%) but remained on a high rise. They were approximately 61% above their 2021 average level.

Whereas oil rates rebounded on international markets in April 2023, the prices of refined petroleum products fell back again over a month (-4.6% after -2.1%). Indeed, producers continued to pass on drops of global oil prices in previous months. The prices of refined petroleum products went down over a year (-25.2% after -22.2%) but were approximately 40% above their 2021 average level.

In April 2023, the prices of the “other industrial products” went down again over a month (-0.5% after -0.2%): prices of fertilizers and nitrogen compounds were down (-21.7% after -10.6%) due to a drop in the demand, as well as those of “other chemical products not elsewhere classified” (-9.0% after -1.3%) reflecting the fall in oil prices in recent months. Over a year, the prices of the “other industrial products” decelerated (+1.9% after +5.1%). They stood 17% above their 2021 average level.

In April 2023, food and beverage prices decelerated over a month (+0.6% after +2.1%). Prices of dairy and cheese products rose (+1.5% after +3.4%) as did those of meat and poultry meat products (+1.7% as in March) : suppliers continued to update their prices after the commercial negotiations at the beginning of the year. On the other side, prices of oils and fats fell back (-4.1% after a virtual stability in March) owing to an abundant supply of rapeseed and sunflower.

Over a year, food and beverage prices decelerated (+14.8% after +18.1%) but their rise remained substantial. They were approximately 30% above their 2021 average level.

In April 2023, transport equipment prices rose by 0.2% over a month (as in the previous month). Over a year, they continued to be on a sharp rise (+10.4% after +10.5%) and were approximately 15% above their 2021 average level.

In April 2023, the prices of electrical, computer and electronic equipment and machinery decelerated very slightly over a month (+0.1% after +0.2% in the previous month) and slightly more significantly over a year (+6.2% after +6.8%). They stood approximately 13% above their 2021 average level.

In April 2023, the industrial producer prices for the foreign markets went down again (-0.8% after -0.9%), driven down to a large extent by the prices of manufactured goods (-0.7% after -0.2%), due to the appreciation of the euro against the dollar. In particular, the prices of the “other industrial products” went down again (-0.8% after -0.4%) and those of transport equipment went down for the first time since December 2022 (-0.8% after a virtual stability in the previous month).

Over a year, the producer prices in the French industry for the foreign markets fell back for the first time since January 2021 (-0.3% after +0.3% in the previous month) but stood 15% above their 2021 average level.

In April 2023, the import prices of industrial products were down again (-0.9% after -1.6%), in particular those of manufactured goods (-0.7% after -0.3%) and those of mining and quarrying products, energy and water, due to the appreciation of the euro against the dollar. Prices of coke and refined petroleum products went down again (-6.5% after -3.2%) as well as, to a lesser extent, those of the “other industrial products” (-0.8% after -0.7%). Food and beverage prices fell back in April 2023 (-0.5% after +0.9%) driven down by those of oils and fats (-6.2% after +1.5%) and those of dairy and cheese products (-2.9% after -1.3%).

Over a year, the import prices of industrial products continued to fall (-7.8% after -8.1%). However, they were approximately 16% above their 2021 average level.

The monthly variation of the producer price index in the French industry in March 2023 has been revised downwards by 0.1 points compared to the previous release: it now stands at +1.2%