21 March 2018

2018- n° 71
In February 2018, oil prices falls back after a seven-month rising Prices of oil and raw material imports - February 2018

In February 2018, the price of crude oil in euros decreased (−6.6% after +4.1% in January). The prices in euros of all other imported commodities slightly increased (+0.3% after +0.2%). The prices of raw food materials recovered (+1.0% after −2.0%) while the prices of industrial raw materials retreated (–0.4% after +2.3%).

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Oil price decreased
Food commodity prices recovered
Industrial commodity prices slipped back

Warning: Since the last issue, the weight of each commodity in agregated indices has been updated, depending on their share in 2017 imports.

Oil price decreased

In February 2018, the price of North Sea crude oil (Brent) in euros decreased after a seven-month increase (−6.6% after +4.1% in January) to an average of €53 per barrel. In dollars, the decrease was less marked in February (−5.4% after +7.3%).

tableauTable1 – Oil and petroleum products

in euros

Oil and petroleum products (in euros) -
	Prices	Change (%)
	of last month	over the last month	over the last 3 months	over the last 12 months
Brent in $ per barrel	65.3	–5.4	4.2	16.6
Brent in € per barrel	52.9	–6.6	–1.0	0.5
Gasoline cts €/L	38.9	–5.6	–5.6	1.3
Gas Oil	468.8	–6.6	–1.8	1.0
Heavy fuel	321.0	–1.2	–0.5	–0.6
Naphtha	448.1	–7.9	–8.1	–4.8

Prices are in euros per tonne unless otherwise specified
Source: INSEE

Food commodity prices recovered

In euros, the prices of raw food materials recovered (+1.0% after −2.0%). The price of meat picked up (+5.7% after −3.7%). The price of oil seeds and vegetable oils bounced back (+2.5% after −2.5%), because of soy prices, supported by concerns about the climate in Argentina. The prices of tropical foodstuffs bounced back too (+0.6% after −1.0%), due to cocoa prices. The price of sugar decreased again (−4.4% after −5.8%). The prices of seafood products decreased more than in January (−3.1% after −1.2%). The prices of cereals slipped back (−0.6%) after a strong increase in January (+3.4%).

Industrial commodity prices slipped back

In February 2018, the prices in euros of industrial raw materials slipped back (–0.4% after +2.3%). As a matter of fact, the prices of minerals decreased (−0.8% after +2.8%), largely due to prices retreat in non ferrous metals (−1.3% after +3.6%). The prices of precious metals fell back too (−2.4% after +2.2%) and those of ferrous metals remained virtually stable (+0.1% after +2.8%). The prices of agro-industrial raw materials ramped up (+1.5% after +0.4%). The price of sawn softwood increased again (+4.5% after +4.0%), such as wood pulp price (+2.3% after +0.3%). The price of tropical wood remained virtually stable again (+0.1% after −0.1%). The prices of natural fibres edged down (−0.7% after +2.6%), as well as hides price (−1.1% after +0.2%) and natural rubber price(−4.3% after +1.2%).

tableauTable2 – Imported raw materials (excluding energy) in euros

base 100 in 2000

Imported raw materials (excluding energy) in euros (base 100 in 2000) -
	Index	Changes (%)
	of last month	over the last month	over the last 3 months	over the last 12 months
Food total	112.0	1.0	–4.3	–19.4
Tropical foodstuffs	91.1	0.6	–6.6	–22.5
Oil seeds, vegetable oils	110.0	2.5	–2.4	–12.7
Cereals	92.1	–0.6	2.0	–7.1
Sugar	65.5	–4.4	–14.0	–42.5
Meat	138.8	5.7	3.1	–2.8
Seafood products	105.7	–3.1	–10.3	–32.8
Industrial raw materials	90.3	–0.4	3.8	–8.7
Agricultural raw materials	117.9	1.5	1.8	–0.4
Natural Fibres	99.5	–0.7	5.9	–3.0
Natural rubber	46.9	–4.3	–1.9	–43.0
Hides	79.8	–1.1	2.9	–24.5
Wood pulp	122.5	2.3	5.5	12.2
Tropical wood	96.3	0.1	0.6	–3.5
Sawn softwood	220.1	4.5	2.0	20.2
Minerals	84.9	–0.8	4.3	–10.4
Ferrous metals	58.8	0.1	14.5	–24.8
Non-ferrous metals	107.1	–1.3	0.0	2.8
Precious metals	104.3	–2.4	–3.4	–10.7
All commodities	100.2	0.3	–0.2	–14.1