Informations Rapides · 31 May 2024 · n° 140

In Q1 2024, services producer prices rose by 0.6% over a quarter and by 1.9% over a year Services producer price indices - first quarter 2024

In the first quarter of 2024, producer prices of services bounced back over a quarter (+0.6% after -0.2%). Prices of services sold to households in France rebounded (+0.4% after -1.3%), as did those for foreign markets (+1.2% after -1.3%). Those for services sold to home businesses rose for the twelfth consecutive quarter (+0.6% after +0.5%).

Over a year, overall producer prices of services accelerated in the first quarter of 2024 (+1.9% after +1.4% in the fourth quarter of 2023). They were 8.8% above their Q1 2021 level.

In the first quarter of 2024, producer prices of services sold to home businesses continued to rise over a quarter (+0.6% after +0.5%) and over a year (+2.5% after +2.6%).

In the first quarter of 2024, prices of transportation and storage services bounced back over a quarter (+1.1% after -1.0%), driven in particular by the prices for service activities incidental to land transportation (+4.4% after -0.4%). Over a year, they accelerated in the first quarter of 2024 (+1.5% after +1.2%). They were 13.5% above their Q1 2021 level.

In the first quarter of 2024, the prices of administrative and support services accelerated over a quarter (+0.9% after +0.4%). Over a year, they continued to decelerate (+3.3% after +4.1% in the fourth quarter 2023 and +4.7% in the third quarter 2023). They were 11.6% above their Q1 2021 level.

In the first quarter of 2024, prices of real estate services sped up over a quarter (+1.6% after +0.7%), due in particular to renting and operating of own or leased real estate (+1.6% after +0.6%). Over a year, they accelerated also (+3.6% after +2.8% in the fourth quarter of 2023). These prices were 10.1% above their Q1 2021 level.

In the first quarter of 2024, prices of professional, scientific and technical services continued to rise over a quarter (+0.7% after +0.5%), driven in particular by the prices of engineering activities and related technical consultancy (+1.9% after +0.3%). Over a year, prices of professional, scientific and technical services continued to decelerate in the first quarter of 2024 (+2.3% after +2.5% in the fourth quarter of 2023 and +3.0% in the third quarter of 2023). They were 7.5% above their Q1 2021 level.

In the first quarter of 2024, prices of accommodation and food services fell back over a quarter (-1.8% after +0.9%), mainly due to the sharp seasonal drop of prices for hotels and similar accommodation services (-8.1% after +2.6%). Over a year, prices for accommodation services slowed down (+2.7% after +5.7%). They were 17.2% above their Q1 2021 level.

In the first quarter of 2024, prices of information and communication services fell back over a quarter (-0.4% after +1.8%), due to the sharp seasonal decline in television programming and broadcasting service prices (-16.2% after +19.7%). Over a year, prices for information and communication services accelerated (+2.0%, after +1.8% in the fourth quarter of 2023). These prices were 3.6% above their Q1 2021 level.

In the first quarter of 2024, producer prices of services sold to households in France bounced back partially over a quarter (+0.4% after -1.3%), notably due to the rise of prices for real estate services (+0.8% after a stability in the fourth quarter of 2023) and of prices for transportation and storage services (+0.5% after -5.5%). Prices of accommodation and food services also rose (+0.3% after -1.3%) as did those for information and communication services (+0.3% after +0.1%). Conversely, those for professional, scientific and technical services went down (-0.9% after +0.4%), as did those for administrative and support services (-0.8% after +1.5%).

Producer prices of services sold to households in France continued to decelerate over a year in the first quarter of 2024 (+1.5% after +1.8%) and were 8.9% above their Q1 2021 level.

In the first quarter of 2024, producer prices of exported services bounced back (+1.2%, after -1.3%), driven by the rise of those of transportation and storage services (+6.9% after -4.2%). In particular, prices rose sharply for maritime and coastal freight transport services (+19.8% after -4.3%), due to the geopolitical instability in the Red Sea, forcing carriers to pass through the Cape of Good Hope.

Prices of professional, scientific and technical services also rebounded (+0.5% after -0.4%), while those for administrative and support services fell back (-0.2% after +1.0%), as did those of information and communication services (-0.9% after +1.2%).

Over a year, producer prices for exported services were virtually stable in the first quarter of 2024, following fourth consecutive quarters of decline (-0.1% after -5.3% in the fourth quarter). However, production prices for exported services were still 6.5% above their Q1 2021 level.

Compared to the previous release, the variation of the producer price index for services sold on all markets in the fourth quarter 2023 is not revised: it still stands at -0.2%.