In June 2017, oil price fell againPrices of oil and raw material imports - June 2017

In June 2017, the price of crude oil in euros fell again (−8.8% after −7.1%). The prices in euros of all other imported commodities kept falling for the fourth month in a row (−4.3% after −4.3%). The prices of raw food materials deteriorated further (−4.4% after −1.2%) and those of industrial raw materials decreased sharply again (−4.2% after −6.0%).

In June 2017, the price of crude oil in euros fell again (−8.8% after −7.1%). The prices in euros of all other imported commodities kept falling for the fourth month in a row (−4.3% after −4.3%). The prices of raw food materials deteriorated further (−4.4% after −1.2%) and those of industrial raw materials decreased sharply again (−4.2% after −6.0%).

Oil price fell again

In June 2017, the price of North Sea crude oil (Brent) in euros decreased again clearly (−8.8% after –7.1%). It reached an average of €42 per barrel, its lower level since October 2016. In dollars, the decrease was less marked (−7.4% after −4.1%) because the euro appreciated again 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 47.1 –7.4 –9.4 –2.8
Brent in € per barrel 42.0 –8.8 –13.7 –2.8
Gasoline €/L 0.343 –7.6 –7.2 –3.4
Gas Oil 377.8 –8.1 –13.0 –4.6
Heavy fuel 285.6 –4.2 –5.0 19.0
Naphtha 359.7 –8.3 –16.7 –3.6
  • Prices are in euros per tonne unless otherwise specified
  • Source : INSEE

Food commodity prices continued to decrease

In euros, the prices of raw food materials decreased again in June (−4.4% after −1.2%). They reached their lower level since March 2014. The prices of tropical foodstuffs declined more sharply than in May (−4.2% after −3.7%) as well as those of oil seeds and vegetable oils (−5.4% after −1.0%). The price of sugar plummeted more markedly, as a consequence of oversupply (−16.4% after −6.8%). The price of beef meat fell back (+1.8% after +1.6%). Only the prices of cereals increased (+3.4%), more than in May (+1.4%).

Industrial commodity prices decreased a little less sharply

In June 2017, the prices in euros of industrial raw materials declined less sharply than in June (−4.2% after −6.0%) but it reached its lower level since the beginning of the year. Over the month, minerals prices decreased less sharply (−4.3% after −6.4%). Such is the case of precious metals prices (−1.3% after −6.0%), non-ferrous metals prices (−3.4% after −4.1%), and iron ore price (−9.0% after −15.2%). The prices of agro-industrial raw materials also decreased less markedly (−3.9% after −4.4%), primarily due to the price of wood pulp that recovered (+0.4% after −1.0%). The price of others commodities kept decreasing, whether natural rubber (−8.0% after −8.7%), hide (−4.3% after −11.2%), sawn softwood (−7.9% after −7.3%), tropical wood (−4.0% after −0.8%) or natural fibres prices (−5.9% after −1.5%) .

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 193.2 –4.4 –8.4 –14.2
Tropical foodstuffs 164.6 –4.2 –11.6 –22.3
Oil seeds, vegetable oils 215.0 –5.4 –10.3 –18.0
Cereals 161.6 3.4 5.7 –2.5
Sugar 132.9 –16.4 –29.7 –31.1
Beef meat 160.2 –4.1 –0.8 9.0
Industrial raw materials 163.9 –4.2 –13.1 7.6
Agricultural raw materials 124.1 –3.9 –5.6 9.2
Natural Fibres 144.7 –5.9 –7.7 14.5
Natural rubber 138.8 –8.0 –29.0 5.7
Hides 68.1 –4.3 –17.7 –8.4
Wood pulp 105.5 0.4 0.9 8.6
Tropical wood 93.6 –4.0 –2.7 –11.3
Sawn softwood 116.4 –7.9 –3.8 13.6
Minerals 186.0 –4.3 –15.0 7.2
Iron ore 377.3 –9.0 –37.8 11.4
Non-ferrous metals 155.8 –3.4 –8.6 6.6
Precious metals 241.0 –1.3 –5.1 0.0
All commodities 169.7 –4.3 –11.5 –1.4
  • Source : INSEE

Graph3 – Food

  • Source : INSEE

Graph2 – Imported raw materials (excluding energy)

  • Source : INSEE

Graph4 – Industrial raw materials

  • Source : INSEE