7 October 2011

2011- n° 247

In September 2011, prices of the imported commodities were down again Prices of oil and raw material imports - Septembre 2011

In September, the price of oil in dollars rose slightly (+0.6%) after having fallen sharply in August (-5,5%). It stood at $110.8 per barrel Brent. The foreign currency prices for non-energy commodities imported into France declined again (-3.0% after -1.8% in August).

In September, the dollar price of oil from the North Sea (Brent) increased slightly (+0.6% after -5.5%). In euros, the oil price recovered strongly (+4.7% after -5.8% in august), due to the depreciation of European currency against the dollar (-3.9%). In one year, the rise in oil prices reached 42.4% in dollars and 35.4% in euros).

In September, the prices of industrial raw materials in foreign currencies continued to decline (-3.1% after -3.0%). The prices of mineral raw materials still decreased (-4.2% after -3.1%). Indeed, the prices of nonferrous metals fell as much as in August (-5.6%), especially those of copper (-8.0%), nickel (-7,7%) and zinc (-5.5%). The prices of precious metals have also decreased (-2.7% after +7.4%), mainly those of palladium (-7.6%), silver (-5.3%) and platinum (-3.1%).

The prices of agro-industrial raw materials increased slightly (+0.3% after -2.5% in August), mainly due to the sharp rise in the price of sawn timber of conifers (+8.2% after -8.4%). Meanwhile, the prices of natural textiles fibers also increased (+1,3% after -7,2%), due to the rebound in cotton prices (+2.8% after -6.7%).

In September, the prices of raw food materials in foreign currencies decreased (-2.7% after +0.3%). This is particularly the case of tropical foodstuff which recorded a 3.6% decrease due to the decline in the prices of cocoa (-6.1%) and tea (-5.1%). With regard to cocoa, the surplus of harvest in major producing countries of West Africa, including Ivory Coast, has weighed on the prices. The prices of sugar fell again (-4.1% after -2.0%) because of the anticipated increase in supply in Brazil and India. The prices of oilseeds

have fallen sharply (-3.5% after -0.5%) due to the lower prices of palm oil (-4.8%) and soybeans (-4.5% for soybean and -3.7% for soybean meal). Similarly, the prices of beef meat were down (-2.8% after +1.9%). In contrast, the prices of imported cereals continued to rise, but less strongly than in August (+2.7% after +6.8%), mainly due to the increase in the prices of rice (+8.1%) sustained by Asian demand.