Informations Rapides · 28 April 2023 · n° 113

In March 2023 the industrial producer prices rose by 1.3% over a month and by 9.5% over a year Industrial Producer and Import Price Indices - March 2023

In March 2023, the overall producer prices in the French industry rebounded over a month (+1.3% after -0.8%), as did those on the home market (+2.0% after -0.9%). The prices of products intended for foreign markets fell back (-0.7%) after being almost unchanged in the previous month. Over a year, the industrial producer prices remained on a high rise but decelerated (+9.5% after +13.3%), due in particular to a base effect (they had risen sharply in March 2022 with the outbreak of war in Ukraine).

Excluding energy, the producer prices in the French industry accelerated over a month (+0.4% in March 2023 after +0.1% in February) and decelerated over a year (+7.7% after +9.7%).

In March 2023, the producer prices in the French industry for the home market rebounded over a month (+2.0% after -0.9% in February 2023), driven by a rebound in prices of mining and quarrying products, energy and water (+5.2% after -2.0%) and manufactured products (+0.3% after -0.4%). However over a year, the producer prices in the French industry for the home market decelerated: +12.9% after +15.8%. These prices were approximately 38% above their 2021 average level and 48% above their 2019 average level.

In March 2023, the prices of mining and quarrying products, energy and water rebounded over a month (+5.2% after -2.0% in February 2023), driven by the prices of production and trade of electricity (+10.0% after +1.4%), while those of trade services of gas through mains fell back again over a month (-4.7% after -17.7%). Over a year, the prices of mining and quarrying products, energy and water decelerated slightly (+26.8% after +27.8%) but remained on a high rise. They were 88% above their 2021 average level and they have more than doubled compared to their 2019 average level (+120%).

In March 2023, food and beverage prices accelerated over a month (+2.0% after +0.7%) and decelerated over a year (+17.8% after +19.6%). The rise is driven by the prices of dairy and cheese products (+3.4% after +0.2%) as well as those of processed and preserved meat (+2.9% after +2.4%): suppliers updated their prices to take into account the increase in raw materials and energy costs during commercial negotiations at the beginning of the year. Prices of soft drinks, mineral waters and other bottled waters also went up (+6.0% after +4.2%).

Food and beverage prices were approximately 28% above their 2021 average level and 32% above their 2019 average level.

In the wake of crude oil prices, the prices of refined petroleum products went down again over a month (-2.0% after -7.4%) and fell back over a year (-22.2% after +2.9%). They were approximately 47% above their 2021 average level and 46% above their 2019 average level.

In March 2023, the prices of the “other industrial products” went down again over a month (-0.2% after -0.3%), due to the fall of prices of fertilizers and nitrogen compounds (-10.5% after -16.1%) and those of “other inorganic basic chemicals” (-5.8% after -12.5%).

Over a year, the prices of the “other industrial products” decelerated (+5.1% after +7.5% in the previous month). They stood approximately 17% above their 2021 average level and 23% above their 2019 average level.

In March 2023, transport equipment prices rose by 0.2% over a month after being unchanged in February, driven by a rebound of prices of motor vehicles (+0.4% after -0.2%). Over a year, transport equipment prices remained on a sharp rise (+10.7% after +11.1%) and were approximately 15% above their 2021 average level and 21% above their 2019 average level.

In March 2023, the prices of electrical, computer and electronic equipment and machinery decelerated over a month (+0.3% after +0.8% in the previous month) as over a year (+6.3% after +6.7%). They stood approximately 12% above their 2021 average level and 15% above their 2019 average level.

In March 2023, after a virtual stability in February, the industrial producer prices for the foreign markets fell back (-0.7%), driven down to a large extent by the prices of mining and quarrying products, energy and water. Prices of refined petroleum products fell back as well (-3.8% after -1.5% in February 2023) while those of food and beverage rebounded (+0.7% after -0.2%).

Over a year, the producer prices in the French industry for the foreign markets decelerated markedly (+0.2% after +6.6% in the previous month). They stood 15% above their 2021 average level and 22% above their 2019 average level.

In March 2023, the import prices of industrial products fell back (-1.7% after +0.2%), in particular due to the marked drop of prices of mining and quarrying products, energy and water. Prices of coke and refined petroleum products went down again (-3.4% after -7.0%) as well as, to a lesser extent, those of the “other industrial products” (-0.6% after -0.4%). On the contrary, food and beverage prices rebounded (+0.8% after -0.2%) driven by those of processed and preserved meat (+2.5% after +1.5%) and those of tobacco products (+5.5% after +0.0%).

Over a year, the import prices of industrial products fell back (-8.1% after +1.1%). They were approximately 17% above their 2021 average level and 26% above their 2019 average level.

The monthly variation of the producer price index in the French industry in February 2023 has been revised downwards by 0.1 points, at -0.8%.

The monthly change in the producer price index in the French industry for the foreign markets in January 2023 has been revised upwards by 0.4 points (-1.5% instead of -1.9%), after taking into account consolidated data on prices of air and spacecraft and related machinery and those of basic iron and steel and ferro-alloys.

The monthly change in the import prices of industrial products has been revised upwards by 0.4 points in January 2023 (-2.3% instead of -2.7%) and by 0.3 points in December 2022 (-1.0% instead of -1.3%), after taking into account consolidated data on prices of air and spacecraft and related machinery.