In February 2017, the prices of industrial raw materials gathered pacePrices of oil and raw material imports - February 2017

In February 2017, the price of crude oil in euros increased modestly again (+0.9% after +0.7%). It reached an average of €52.1 per barrel, hitting its higher level since July 2015. The prices in euros of all other imported commodities accelerated (+3.1% after +1.3% in January), due to industrial raw materials (+4.8% after +1.4%). The prices of raw food materials were unchanged (after +1.1% in January).

Informations rapides
No 73
Paru le : 21/03/2017
Prochaine parution le : 25/08/2017 at 12:00 - July 2017

In February 2017, the price of crude oil in euros increased modestly again (+0.9% after +0.7%). It reached an average of €52.1 per barrel, hitting its higher level since July 2015. The prices in euros of all other imported commodities accelerated (+3.1% after +1.3% in January), due to industrial raw materials (+4.8% after +1.4%). The prices of raw food materials were unchanged (after +1.1% in January).

Oil price increased modestly

In February, the price of North Sea crude oil (Brent) in euros increased modeslty (+0.9% after +0.7% in January). In dollars, the increase was similar (+1.5% after +16.4%) because the euro was practically stable during the month.

Graph1 – Oil (Brent)

  • Source: INSEE

Table1 – 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 55.5 1.1 19.5 67.1
Brent in € per barrel 52.1 0.9 21.0 74.1
Gasoline €/L 0.385 –4.8 7.3 70.5
Gas Oil 464.1 1.3 17.1 68.5
Heavy fuel 317.0 1.0 19.9 105.6
Naphtha 469.9 0.7 21.7 79.4
  • Prices are in euros per tonne unless otherwise specified
  • Source : INSEE

Industrial commodity prices accelerated sharply

The prices in euros of industrial raw materials accelerated sharply in February (+4.8% after +1.4% in the previous month). The prices of agro-industrial raw materials increased strongly (+7.3% after +0.2%). The price of sawn softwood skyrocketed (+20.9% after −4.0%). The price of wood pulp bounced back (+0.6% after −0.8%), as well as hide one (+0.4% after −1.2%), and tropical wood one (+1.1% after −2.1%). The prices of natural fibers remained dynamics (+3.5% after +3.0%). However, the price of rubber slowed markedly (+2.2% after +13.2%). Minerals prices increased more than in January (+4.2% after +1.7%), since the price of iron speeded up sharply (+9.7% after +0.9%), along with non-ferrous metals ones (+2.6% after +1.7%) notably the nickel price (+6.2% after −9.8%) buoyed by the closure of several mines in Philippines. The prices of precious metals increased sharply again (+3.9% after +4.3%).

Food commodity prices were unchanged

In euros, the prices of raw food materials stabilised after a three-month increase. The price rise in oil seeds and vegetable oils eased (+0.4% after +1.5%) as that of cereals (+0.1% after +1.4%). The prices of tropical foodstuffs slipped back (−4.3% after +0.9 %), driven by the fall in cocoa price, declining since June 2016 (−7.8% after −4.4%). The price of sugar also fell back (−0.8% after +8.2%). However, the price of beef meat bounced back (+6.4% after −2.9%).

Table2 – 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 217.2 0.0 2.9 9.1
Tropical foodstuffs 188.3 –4.3 –9.3 –3.5
Oil seeds, vegetable oils 250.2 0.4 5.9 19.3
Cereals 154.9 0.1 5.5 3.9
Sugar 214.6 –0.8 –1.0 59.6
Beef meat 160.1 6.4 18.0 –1.4
Industrial raw materials 191.3 4.8 10.0 35.1
Agro-industrial raw materials 135.5 7.3 13.1 30.4
Natural fibers 153.7 3.5 9.9 32.5
Natural rubber 220.3 2.2 31.5 96.2
Hides 81.5 0.4 –1.0 11.2
Wood pulp 103.9 0.6 2.1 7.2
Tropical wood 97.8 1.1 1.7 –9.1
Sawn softwood 126.9 20.9 23.9 55.2
Minerals 221.0 4.2 9.3 36.8
Iron ore 620.1 9.7 25.0 101.1
Non-ferrous metals 171.3 2.6 5.4 26.0
Precious metals 259.1 3.9 4.0 16.4
All commodities 195.5 3.1 7.4 24.4
  • Source: INSEE

Graph3 – Food

  • Source: INSEE

Graph2 – Imported raw materials (excluding energy)

  • Source: INSEE

Graph4 – Industrial raw materials

  • Source: INSEE