In February 2011, prices of oil acceleratedPrices of oil and raw material imports - February 2011

In February, price of oil in dollars accelerated (+7.4% after +5.1% in January), reaching $103.5 per barrel of Brent. Meanwhile, the foreign currency prices for non-energy com-modities imported in France continued to grow rapidly (+2.7% after +3.8% in January).

Warning : As every year in March, the weights have been updated for the current year, leading to a revision of the aggregate indexes for the month of January. Moreover, the sunflower oil was temporarily excluded from the price index of raw food materials imported, in the absence of data for the end of 2010.

In February, price of oil in dollars accelerated (+7.4% after +5.1% in January), reaching $103.5 per barrel of Brent. Meanwhile, the foreign currency prices for non-energy commodities imported in France continued to grow rapidly (+2.7% after +3.8% in January).

Acceleration in oil price

In February, prices in dollars of oil from the North Sea (Brent) accelerated (+7.4% after 5.1%). Indeed, the political tensions in the Middle East give fear tensions on supply while demand remains strong, and physical market keeps in deficit. In euros, the oil prices rose less strongly (+5.1% after 3.9%), due to the appreciation of European currency towards the dollar (+2.1).

Downturn in prices of imported industrial raw materials

In February, prices of industrial raw materials in foreign currencies slowed (+2.3% after +3.9%). On the hand, prices of the mineral raw materials continued to grow rapidly (+3.4% after 3.5%). Among the nonferrous metals (+4.2%), the prices of titanium (+10.2%) and nickel (+10.1%) strongly increased. Meanwhile, prices of precious metals accelerated (+4.1% after +2.6%), especially silver (+7.9% after -3.2%) and gold (+1.1% after -2.5%).

On the other hand, prices of agro-industrial raw materials fell (-0.7% after +5.3%): the prices of sawn wood of conifers declined(-6.0%) and the prices of natural rubber clearly decreased (+0.4% after +11.6%), even though prices of natural fiber textiles strongly increased (+17.8%).

The prices of raw food materials imported kept on rising

In February, prices of raw food in foreign currencies continued to rise (+3.3% after +3.9%), notably cereals (+4.1% after +0.4%) and tropical beverages (+9.2% after +5.7%), with the surge in cocoa prices (+11.2% after +4.1%) due to political tensions in Côte d’Ivoire. However, sugar prices fell (-1.1% after +3.0%), because of a better production than expected in Brazil and India.

tabpetrole – Oil and petroleum products

in dollar
Oil and petroleum products
Prices Change (%)
of last month over the last month over the last 3 months over the last 12 months
Brent in $ per barrel 103,5 7,4 21,4 40,6
Brent in € per barrel 75,8 5,1 21,3 40,9
Gasoline 877,1 4,7 14,0 27,9
Gas Oil 879,9 9,6 21,2 43,0
Heavy fuel 540,2 12,5 20,0 26,5
Naphta 876,8 2,9 12,4 29,4
  • Prices are in dollars per tonne unless otherwise specified
  • Source : INSEE

tabmatprem – Imported raw materials (excluding energy) in domestic currency

base 100 in 2000
Imported raw materials (excluding energy) in domestic currency
Index Changes (%)
of last month over last month over the last 3 months over the last 12 months
Food total 278,3 3,3 13,1 28,1
Tropical beverages 307,7 9,2 22,2 32,1
Oil seeds, vegetable oils 300,3 0,0 8,7 32,4
Cereals 289,5 4,1 11,0 27,1
Sugar 389,5 –1,1 9,8 19,3
Beef meat 154,9 1,6 12,2 19,4
Industrial raw materials 279,5 2,3 9,4 30,9
Agricultural raw materials 174,6 –0,7 7,3 17,6
Natural Fibers 400,7 17,8 35,3 145,8
Natural rubber 652,3 0,4 23,6 57,1
Hides 114,3 0,8 0,3 17,1
Wood pulp 139,8 0,7 0,1 13,3
Tropical wood 154,0 2,2 4,5 18,5
Sawn softwood 112,2 –6,0 5,1 0,6
Minerals 335,3 3,4 10,2 36,5
Iron ore 623,9 0,0 –1,3 77,9
Non-ferrous metals 301,3 4,2 12,9 31,1
Precious metals 400,5 4,1 11,3 46,0
All commodities 268,5 2,7 10,7 29,6
  • Source : INSEE

G_petrole_ang – Oil

G_alim_ang – Food

  • Source : INSEE
  • Source : INSEE

G_ensemble_ang – All commodities

  • Source : INSEE

G_indus_ang – Industrial raw materials

  • Source : INSEE