Informations Rapides · 28 July 2023 · n° 196

In June 2023 the industrial producer prices went down over a month (-0.8%) and decelerated over a year (+0.9% after +3.3%) Industrial Producer and Import Price Indices - June 2023

In June 2023, the overall producer prices in the French industry continued to go down over a month (-0.8% after -1.4% in May and -4.0% in April). Prices of products sold on the home market went down again (-1.1% after -1.5%) while those intended for foreign markets rebounded slightly (+0.2% after -1.2%). Over a year, the industrial producer prices kept rising but slowed down (+0.9% after +3.3%).

Excluding energy, the producer prices in the French industry were down again over a month (-0.2% in June 2023 after -0.5% in May) and decelerated over a year (+2.7% after +3.5%).

In June 2023, the producer prices in the French industry for the home market fell again over a month (-1.1% after -1.5% in May and -5.1% in April), due to a fall in the prices of mining and quarrying products, energy and water (-3.6% after -2.8% and -13.9%). The prices of manufactured products were unchanged (+0.0% after -1.0%). Over a year, the producer prices in the French industry for the home market decelerated: +3.0% after +5.6%. They were approximately 27% above their 2021 average level.

In June 2023, the prices of mining and quarrying products, energy and water continued to go down over a month (-3.6% after -2.8% in May 2023 and -13.9% in April 2023), driven down by the prices of production and trade of electricity (-4.5% after -3.0%) due to the seasonal fall in prices on the professional market. Over a year, the prices of mining and quarrying products, energy and water slowed down (+12.6% after +16.9%). They were approximately 50% above their 2021 average level.

In June 2023, food and beverage prices fell again over a month (-0.6% after -0.4%). The prices of oils and fats kept falling (-7.5% after -0.2%) due to sufficient stocks and falling market prices; those of prepared feeds for farm animals went down again (-1.7% after -1.9%), as cereal prices eased. Dairy and cheese product prices fell back for the first time since June 2021 (-0.8% after +0.2%). Over a year, food and beverage prices decelerated (+10.6% after +12.7%) but their rise remained sharp. They were approximately 29% above their 2021 average level.

While oil rates fell again on international markets in June 2023, the prices of refined petroleum products rebounded slightly over a month (+2.4% after -7.1%), the producers anticipating an upward trend under the combined effect of a higher demand in the summer period and production restrictions in the Middle East area. Over a year, the prices of refined petroleum products were down significantly (-41.9% after -36.2%) but were still approximately 34% above their 2021 average level.

In June 2023, the prices of the “other industrial products” went down for the fifth consecutive month (-0.2% after -1.0% in May): prices of “other inorganic basic chemicals” continued to go down (-3.8% after -15.3%), those of industrial gases fell sharply (-10.4% after being virtually unchanged in the previous month), while prices of “other chemical products not elsewhere classified” rebounded markedly (+12.8% after -10.4%). Over a year, the prices of the “other industrial products” fell again (-1.2% after -0.5%). They stood approximately 16% above their 2021 average level.

In June 2023, transport equipment prices went slightly up over a month (+0.2% after -0.2%) driven by those of motor vehicles (+0.4% after -0.5%). Over a year, they continued to be on a high rise (+8.7% after +9.2%) and were approximately 15% above their 2021 average level.

In June 2023, the prices of electrical, computer and electronic equipment and machinery decelerated over a month (+0.2% after +0.4% in the previous month). Prices of electricity distribution and control apparatus went up (+1.5% after +0.1%) reflecting the rises in raw material costs. The prices of electrical, computer and electronic equipment and machinery slowed slightly (+5.6% after +6.0%) over a year and stood 13% above their 2021 average level.

In June 2023, the industrial producer prices for the foreign markets rose slightly after three months of fall (+0.2% after -1.2% in May and -0.8% in April and in March). Those prices were driven up by the prices of mining and quarrying products, energy and water while those of manufactured products were almost unchanged. Prices of refined petroleum products rebounded (+4.2% after -7.2%). Prices of food and beverages went down (-0.8% after -0,1 %), driven down by those of dairy and cheese products (-3.5% after -0.3%).

Over a year, the producer prices in the French industry for the foreign markets went down again (-4.5% after -2.6% in the previous month). They stood approximately 13% above their 2021 average level.

In June 2023, the import prices of industrial products fell for the forth consecutive month (-0.8% after -2.4% in May, -0.9% in April and -1.7% in March), in particular those of mining and quarrying products, energy and water; those of manufactured products were almost unchanged. Prices of “other industrial products” kept falling (-0.7% after -1.0%), driven down by those of plastics in primary forms (-6.2% after -5.1%), while prices of coke and refined petroleum products were back on the rise (+2.5% after -7.5% and -6.6%).

Over a year, the fall in import prices of industrial products continued to intensify (-11.4% in June after -10.3% in May, -7.3% in April and -8.1% in March). However, they were approximately 12% above their 2021 average level.

The monthly variation of the producer price index in the French industry in May 2023 is left unchanged compared to the previous release: it stands at -1.4%.