In July 2016, oil prices declinedPrices of oil and raw material imports - July 2016

In July 2016, the crude oil price in euros declined (-5.6% after +3.5%). At €40.8 on average per barrel, the Brent price remained significantly lower than one year ago (-19.7%).

In July 2016, the crude oil price in euros declined (−5.6% after +3.5%). At €40.8 on average per barrel, the Brent price remained significantly lower than one year ago (−19.7%).

Prices in euros of the other imported commodities rose less strongly than in June (+0.8% after +3.0%), held back by the downturn in raw food material prices (−2.1% after +4.6%). However, prices of industrial raw materials accelerated (+2.9% after +1.8%).

Oil prices fell back

In July, the price of crude oil from the North Sea (Brent) in euros shrunk (−5.6% after +3.5%), while it had increased since February. In dollars, the price fall was more marked (−7.0% after +2.9%) because the euro depreciated slightly during the month.

G_petrole_ang – Oil (Brent)

  • Source: INSEE

tabpetrole – Oil and petroleum products

in euros
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 45,1 –7,0 6,7 –19,3
Brent in € per barrel 40,8 –5,6 9,4 –19,7
Gasoline €/L 0,326 –8,2 –2,8 –32,5
Gas Oil 366,3 –7,5 12,3 –22,7
Heavy fuel 217,5 –9,4 13,7 –22,0
Naphtha 348,0 –6,7 6,4 –19,7
  • Prices are in euros per tonne unless otherwise specified
  • Source : INSEE

Prices of raw food materials decreased

Prices of raw food materials in euros shrunk (−2.1% after +4.6%). Prices of oil seeds and vegetable oils fall sharply (−6.1% after +5.6%), driven down by plumeting soybean meal price. Prices of cereals also slipped back (−0.9% after +4.2%), due to the corn price collapse (−15.0% after +6.0%) following bumper crops outlooks, notably in the United States. The decline in beef meat price eased (−1.2% after −2.5%). Tropical foodstuff prices grew less

than in June, because of the decrease in cocoa price. After two months of sharp increase, the price of sugar clearly slowed (+3.4% after +16.6% in June and +11.6% in May).

G_alim_ang – Food

  • Source: INSEE

Prices of industrial raw materials kept increasing

Prices of industrial raw materials in euros increased again in July (+2.9%) more strongly than during the previous month (+1.8%). Prices of minerals kept rising (+3.0% after +2.2%). Indeed, prices of iron ore bounced back (+11.9% after −2.1%), and precious metals prices picked up (+12.1% after +3.2%). However, non-ferrous metals prices are pratically unchanged (+0.1% after +4.0%). Agricultural raw materials prices rose faster than in June (+2.8% after +0.7%), due to a rebound in natural rubber price (+4.2% after −6.5%).

G_indus_ang – Industrial raw materials

  • Source: INSEE

G_ensemble_ang – Imported raw materials (excluding energy)

  • Source: INSEE

tabmatprem – Imported raw materials (excluding energy) in euros

base 100 in 2000
Imported raw materials (excluding energy) in euros
Index Changes (%)
of last month over the last month over the last 3 months over the last 12 months
Food total 220,6 –2,1 9,3 –3,8
Tropical foodstuffs 215,8 1,9 8,6 –5,1
Oil seeds, vegetable oils 246,3 –6,1 11,6 –5,1
Cereals 164,2 –0,9 10,7 2,0
Sugar 199,4 3,4 34,6 64,9
Beef meat 145,1 –1,2 –3,9 –17,7
Industrial raw materials 156,8 2,9 2,6 0,9
Agricultural raw materials 116,7 2,8 4,7 0,0
Natural Fibres 139,4 10,3 17,9 11,0
Natural rubber 136,9 4,2 –13,2 –16,0
Hides 76,6 3,0 3,8 –0,6
Wood pulp 99,5 2,4 5,4 –5,2
Tropical wood 99,2 –6,0 –5,7 –15,9
Sawn softwood 105,4 2,8 11,1 9,4
Minerals 178,8 3,0 2,0 1,3
Iron ore 378,8 11,9 –2,6 9,3
Non-ferrous metals 146,3 0,1 2,0 –2,3
Precious metals 270,3 12,1 15,0 20,2
All commodities 173,5 0,8 5,1 –1,4
  • Source : INSEE