Informations Rapides · 31 August 2023 · n° 219

In July 2023 the industrial producer prices continued to go down over a month (-0.4%) and fell back over a year (-1.5% after +1.0%) Industrial Producer and Import Price Indices - July 2023

In July 2023, over a month, the overall producer prices in the French industry were down for the fourth consecutive month (-0.4% after -0.7% in June). Prices of products sold on the home market continued to go down (-0.2% after -1.1%) while those intended for foreign markets fell back (-0.6% after +0.4%). Over a year, the industrial producer prices fell back for the first time since December 2020 (-1.5% after +1.0%).

Excluding energy, the producer prices in the French industry were also down over a month for the fourth consecutive month (-0.2% in July 2023 after -0.3% in June) and decelerated over a year (+1.7% after +2.7%).

In July 2023, the producer prices in the French industry for the home market fell for the fourth consecutive month (-0.2% over a month after -1.1% in June), due to the fall of the prices of mining and quarrying products, energy and water (-1.1% after -3.1%). The prices of manufactured products remained almost unchanged (+0.1% after -0.1%). Over a year, the producer prices in the French industry for the home market decelerated: +0.9% after +3.1%. They were approximately 27% above their 2021 average level.

In July 2023, the prices of mining and quarrying products, energy and water went down again over a month (-1.1% after -3.1%), driven down by the prices of production and trade of electricity (-1.6% after -3.9%) due to the fall registered on the wholesale markets. Over a year, the prices of mining and quarrying products, energy and water slowed down markedly (+3.8% after +13.1%). They were approximately 49% above their 2021 average level.

In the wake of oil prices, the prices of refined petroleum products accelerated over a month (+7.1% in July after +2.3% in June). Over a year, the prices of refined petroleum products dropped significantly (-30.0% after -42.0%) but were nonetheless approximately 43% above their 2021 average level.

In July 2023, the prices of the “other industrial products” kept going down over a month (-0.4% after -0.2% in June). Prices of plastics in primary forms went down again (-5.0%, as in the previous month) and those of “other organic basic chemicals” fell back (-1.8% after +1.3%) linked to the fall in raw material prices. On the contrary, prices of repair of machinery rebounded (+1.5% after -1.2%) due to higher labour costs. Over a year, the prices of the “other industrial products” kept going down (-1.9% in July after -1.2% in June and -0.4% in May). They stood approximately 15% above their 2021 average level.

In July 2023, food and beverage prices were almost unchanged over a month (-0.1% after -0.7%). The prices of other food products non elsewhere classified kept going down (-3.3% after -0.2%) due to falling egg market prices. Those of prepared feeds for farm animals went down again (-2.0% after -1.8%). On the contrary, prices of meat and poultry meat products accelerated (+1.7% after +0.7%) as well as those of processed and preserved meat (+1.1% after a virtual stability in June), in connection with the high price of pork following a fall in production.

Over a year, food and beverage prices decelerated but their rise remained sharp (+8.3% after +10.6%). They were approximately 29% above their 2021 average level.

In July 2023, the prices of electrical, computer and electronic equipment and machinery fell back over a month (-0.5% after +0.2% in the previous month). Prices of electricity distribution and control apparatus went down markedly (-5.2% after +1.5%) reflecting the fall in input prices. Over a year, the prices of electrical, computer and electronic equipment and machinery slowed down slightly (+4.6% after +5.6%) and stood approximately 13% above their 2021 average level.

In July 2023, transport equipment prices were almost unchanged over a month (+0.1% after +0.2% in June). Over a year, they continued to be on a high rise (+7.7% after +8.7%) and were approximately 15% above their 2021 average level.

In July 2023, the industrial producer prices for the foreign markets fell back (-0.6% over a month after +0.4%). These prices were driven down by those of mining and quarrying products, energy and water. The prices of manufactured products slightly went down (-0.2% after a stability in June). Prices of refined petroleum products continued to rise (+3.7% after +4.2%) while those of transport equipment fell back (-0.4% after +0.8%).

Over a year, the producer prices in the French industry for the foreign markets went down again for the fourth consecutive month (-7.6% after -4.4% in the previous month). They stood approximately 13% above their 2021 average level.

In July 2023, the import prices of industrial products rebounded for the first time since February 2023(+0.2% after -0.8% in June), driven by those of mining and quarrying products, energy and water, while those of manufactured products remained almost unchanged (-0.1%, as in the previous month). Prices of coke and refined petroleum products accelerated (+6.7% after +2.3%). On the contrary, those of “other industrial products” kept falling (-0.6% after -0.4%): those of basic iron and steel and ferro-alloys fell back (-1.8% after +0.6%) and those of plastics in primary forms were down again (-2.4% after -5.6%).

Over a year, the fall in import prices of industrial products continued to intensify for the fifth consecutive month (-11.8% in July after -11.4% in June). However, they were approximately 12% above their 2021 average level.

The monthly variation of the producer price index in the French industry in June 2023 has been revised upwards by 0.1 points compared to the previous release, due to late responses: it stands at -0.7%.