Informations Rapides · 29 September 2023 · n° 253

In August 2023 the industrial producer prices rose over a month (+0.7% after -0.4%) but continued to go down over a year (-3.2% after -1.5%) Industrial Producer and Import Price Indices - August 2023

In August 2023, over a month, the overall producer prices in the French industry rose for the first time since March 2023(+0.7% after -0.4% in July). Prices rebounded for products sold on the home market (+0.6% after -0.3%) as for those intended for foreign markets (+1.2% after -0.7%). Over a year, the industrial producer prices continued to go down (-3.2% after -1.5%).

Excluding energy, the producer prices in the French industry were down over a month for the fifth consecutive month (-0.2% in August 2023 after -0.3% in July) and decelerated over a year (+1.2% after +1.6%).

In August 2023, the producer prices in the French industry for the home market rebounded for the first time since March 2023(+0.6% over a month after -0.3% in July), driven by an acceleration in the prices of manufactured products (+0.5% after +0.1%) and a rebound in the prices of mining and quarrying products, energy and water (+0.8% after -1.2%). However, over a year, the producer prices in the French industry for the home market fell back for the first time since December 2020 (- 1.4% after +0.9% in July), due to a “base effect” (they had risen sharply over a month in August 2022). They were 28% above their 2021 average level.

In the wake of oil prices, the prices of refined petroleum products accelerated markedly over a month (+13.4% in August after +6.6% in July). Over a year, they dropped (-13.9% after - 30.4%) but were 62% above their 2021 average level.

In August 2023, the prices of mining and quarrying products, energy and water rebounded over a month (+0.8% after -1.2%), driven up, in particular, by the prices of production and trade of electricity (+0.5% after -1.7%) due to the rise of regulated fares on the residential market. Over a year, the prices of mining and quarrying products, energy and water fell back for the first time since November 2020 (-5.7% after +3.5%) due to a “base effect” (they had risen sharply over a month in August 2022). They were 50% above their 2021 average level.

In August 2023, food and beverage prices kept going down over a month (-0.9% after -0.3%). Prices of oils and fats fell sharply (-8.4% after -2.7%) due to good sunflower and rapeseed harvests. Prices of processed and preserved of meat also fell (-1.4% after -1.1%), as demand for meat was low relative to supply. Due to promotional campaigns, prices for bread, fresh pastry goods and cakes fell back (-0.7% after a stability), as did those for dairies and cheese (-0.3% after +0.2%).

Over a year, food and beverage prices decelerated but their rise remained sharp (+6.3% after +8.3%). They were 28% above their 2021 average level.

In August 2023, the prices of the “other industrial products” were almost unchanged over a month (+0.1% after -0.6% in July). Prices of “other chemical products not elsewhere classified” rebounded (+4.0% after -1.9%), passing on higher raw material costs. Conversely, prices of “other inorganic basic chemicals" continued to fall (-3.9% after -3.3%) due to stiffer competition on world markets. Over a year, the prices of “other industrial products” kept going down (-2.2% in August after -2.1% in July). They stood 15% above their 2021 average level.

In August 2023, transport equipment prices were almost unchanged over a month (-0.1% after +0.2% in July). Over a year, they continued to rise markedly (+7.3% after +7.8%) and were 15% above their 2021 average level.

In August 2023, the prices of electrical, computer and electronic equipment and machinery went down again over a month (-0.3% after -0.1% in the previous month). Over a year, the prices of electrical, computer and electronic equipment and machinery slowed down slightly (+4.3% after +5.1%) and stood 13% above their 2021 average level.

In August 2023, the industrial producer prices for the foreign markets rebounded (+1.2% over a month after -0.7%). They were driven up by the prices of mining and quarrying products, energy and water and, to a lesser extend, by those of manufactured products (+0.7% after -0.2% in July). In particular, prices of refined petroleum products accelerated significantly (+13.2% after +2.6%). Prices for the other main families of manufactured products rebounded, with the exception of prices of electrical, computer and electronic equipment and machinery, which continued to fall down (-0.2% after remaining virtually stable in July).

Over a year, the producer prices in the French industry for the foreign markets went down again for the fifth consecutive month (-8.1% after -7.7% in the previous month). They stood 14% above their 2021 average level.

In August 2023, the import prices of industrial products rebounded for the first time since February 2023(+1.3% after -0.2% in July), driven by those of mining and quarrying products, energy and water and, to a lesser extent, by those of manufactured products (+0.8% after -0.3%). Prices of coke and refined petroleum products accelerated markedly (+14.4% after +6.3%). Prices of transport equipment rebounded (+0.4% after -0.4% in July) due to the rise, for all manufacturers, in prices of motor vehicles (+1.0% after -0.4%). Prices for the other main families of manufactured goods were virtually unchanged.

Over a year, import prices of industrial products kept falling for the sixth consecutive month (-12.2% after -12.1% in July). However, they were 13% above their 2021 average level.

The monthly variation of the producer price index in the French industry in July 2023 is left unchanged compared to the previous release, at -0.4%.

The monthly change in the import prices of industrial products in July 2023 has been revised downwards by 0.4 points (-0.2% instead of +0.2%), after taking into account consolidated data on other organic basic chemicals.