Informations Rapides · 28 June 2024 · n° 162

In May 2024, the industrial producer prices went down by 1.2% over a month and by 5.1% over a year Industrial Producer and Import Price Indices - May 2024

In May 2024, the overall producer prices in the French industry fell over a month for sixth consecutive month (-1.2% after -2.8% in April): they dropped both for products intended for the French market (-1.4% after -3.6%) and for those intended for the foreign markets (-0.4% after -0.3%). Over a year, the French industrial producer prices were down for the eleventh consecutive month (-5.1% after -5.4%). They were however approximately 18% above their 2021 average level.

Excluding energy, the producer prices in the French industry rose over a month (+0.2% after +0,1% in April) and were down again over a year (-0.4% after -1.0%).

In May 2024, the fall of producer prices in the French industry for the home market slowed down over one month (-1.4% after -3.6% in April) in the wake of prices for mining, energy and water products (-4.5% after -12.6%). The prices of manufactured products fall back (-0.3% after +0.2%) due to the fall of refined petroleum product prices (-8.0% after +3.3% in April). Over a year, the producer prices in the French industry for the home market fell again for the sixth consecutive month (-6.7% as in April 2024). They were 20% above their 2021 average level.

In May 2024, the prices for mining, energy and water products fell again over a month (-4.5% after -12.6%) due to the continuing fall of electricity production and trade prices (-10.0% after -14.0%). Over a year, producer prices for mining, energy and water products were down for the sixth consecutive month (-20.2% after -18.8% in April 2024) but were still 24% above their 2021 average level.

Prices for refined petroleum products were also falling sharply (-8.0% after +3.3% in April) in line with the fall of oil prices. They were still 41% above their average 2021 level.

In May 2024, prices of the “other industrial products” were stable after a rise in April (+0,2%). In particular, chemical products prices were down (-1.2% after +0.3% in April) in line with the fall of oil prices. On the other hand, prices of basic metals products sped up (+1.3% after +0.2%) drove by certain metals prices, notably aluminium and copper. In May 2024, “other industrial products” prices were 15% above their 2021 average level.

Transport equipment prices were also stable after a virtual stability in April (-0.1%). They were 14% above their 2021 average level.

In May 2024, prices of food and beverages rebounded (+0.2% after -0.2% in April), in particular those of dairy products and cheese (+0.5% after a stability in April). Other a year, the fall of prices of food and beverages slowed down (-3,3% after -3.8% in April). They remain 25% above their 2021 average level.

Prices of electrical, computer and electronic equipment and machinery rose over a month (+0.4% after a stability in April). In particular, prices of electricity distribution and control apparatus rebounded over a month (+1.8% after -1.6%). Prices of electrical, computer and electronic equipment and machinery were 14% above their 2021 average level.

In May 2024, the industrial producer prices for the foreign markets continued to go down over a month (-0.4% after -0.3% in April), notably, those of mining and quarrying products, energy and water. The prices of manufactured products were virtually stable (-0.1% after +0.2% in April).

Prices of refined petroleum products fell back (-5.2% after +1.0%), and those of transport equipment as well (-0.3% after +0.5%).

Conversely, prices of food and beverages bounced back on the rise (+0.2% after -0.3% in April), driven by accelerating prices rise of dairy products and cheese (+1.4% after +0.6%).

“Other industrial products” prices rose by 0.3% as the same rhythm as in April, driven by the sharp increase of aluminiums (+8.1% after +2.2%).

Over a year, the industrial producer prices for the foreign markets fell in May 2024 for the fourteenth consecutive month (-0.2% after -1.0% in April). They were 13% above their 2021 average level.

In May 2024, the import prices of industrial products fell over a month (-0.8% after a stability in April) in the wake of the prices of mining and quarrying products, energy and water. Prices of manufactured products fell back (-0.4% after +0.2% in April) due to the fall of transport equipment prices (-0,6% after -0,5%) and those of refined petroleum products (-6.6% after +0.3%). The rise of food and beverages prices decelerated slightly (+0.2% after +0.3%), due to the slowdown of those of processed and preserved meat (+1.1% after +3.1%). Prices of electrical, computer and electronic equipment and machinery rose by 0.2% (as in April) driven by the rise of communication equipment prices (+1.6% after +1.6%). “Other industrial products” prices were stable after a rise of 0.4% in April.

Over a year, the import prices of industrial products kept falling for the fifteenth consecutive month (-1.5% after -3.1% in April). However, they were 11% above their 2021 average level.

The variation of the producer price index in industry for products sold on the home market between March 2024 and April 2024 has not been revised (after rounding): it stands at -3.6%, as published at the end of May 2024.