20 July 2016

2016- n° 186

In June 2016, oil prices slowed Prices of oil and raw material imports - June 2016

In June 2016, the crude oil price in euros increased less strongly than in May (+3.5% after +11.9%). At €43.2 on average per barrel, the Brent price remained however significantly lower than one year ago (−22.4%).

Prices in euros of the other imported commodities grew (+3.0% after +1.3%), driven up by raw food materials prices that rose markedly again (+4.6% after +6.7%). Prices of industrial raw materials revived (+1.8% after −2.1%).

In June, the price of crude oil from the North Sea (Brent) in euros decelerated (+3.5% after +11.9%). In dollars, the price rise was less marked (+2.9% after +11.6%) because the euro depreciated slightly during the month.

Prices of raw food materials in euros went up sharply again (+4.6% after +6.7%). The price rise in oil seeds and vegetable oils eased (+5.6% after +12.5%), as a result of plentiful sunflower crops. The price of soybean meal decelerated strongly (+9.3% after +24.3%). Prices of cereals stalled as well (+4.2% after +7.2%), due to a lesser increase in rice price (+2.8% after +9.1%). The price of beef meat continued to reduce (−2.5% after −0.1%). For the second consecutive month, the price of sugar has expanded sharply (+16.6% after +11.6% in May), as a result of heavy rains that halted crops in Brazil. Morerover, high volumes of cane output were allocated to ethanol making.

Prices of industrial raw materials in euros recovered (+1.8% after −2.1%). Prices of minerals bounced back (+2.2% after −3.0%). Indeed, prices of non-ferrous metals picked up (+4.0% after −2.1%), driven up by the rebound in lead prices (+5.9% after −5.5%). The recovery in palladium prices (+10.3% after −11.9%) drove up that of precious metals (+3.2% after −0.7%). However, the price of iron ore dropped anew (−5.8% after −7.6%). The rise in agricultural raw materials prices slowed (+0.7% after +1.2%), due to a lesser increase in sawn softwood (+1.3% after +6.7%).