Insee conjoncture

In September 2017, oil prices increased againPrices of oil and raw material imports - September 2017

In September 2017, the price of crude oil in euros increased again (+5.9% after +3.0%). The prices in euros of all other imported commodities slowed down (+0.2% after +2.6%). The prices of industrial raw materials were virtually stable (−0.1% after +5.8%) and those of raw food materials recovered (−3.3% after −2.1%).

In September 2017, the price of crude oil in euros increased again (+5.9% after +3.0%). The prices in euros of all other imported commodities slowed down (+0.2% after +2.6%). The prices of industrial raw materials were virtually stable (−0.1% after +5.8%) and those of raw food materials recovered (−3.3% after −2.1%).

Oil price increased again

In September 2017, the price of North Sea crude oil (Brent) in euros recovered clearly (+5.9% after +3.0% in July) to an average of €46.1 per barrel. In dollars, the increase was a little stronger (+6.9% after +5.6%).

Graph1 – Oil (Brent)

  • Source : INSEE

Table1 – Oil and petroleum products

in euros
Oil and petroleum products
Prices Change (%)
of last month Sept./ Aug Sept./ June Sept. 2017 /Sept. 2016
Brent in $ per barrel 54.9 6.9 16.6 18.9
Brent in € per barrel 46.1 5.9 9.8 11.9
Gasoline €/L 0.421 9.0 13.4 24.1
Gas Oil 446.1 9.3 8.4 19.5
Heavy fuel 292.0 1.1 –2.1 18.4
Naphtha 418.9 7.8 18.2 20.0
  • Prices are in euros per tonne unless otherwise specified
  • Source : INSEE

Industrial commodity prices were virtually stable

In September 2017, the prices in euros of industrial raw materials were virtually stable (−0.1% after +5.8%). The prices of minerals were amost unchanged (−0.1% after +7.6%). The price of iron ore fell back (−6.2% after +12.1%). The prices of non-ferrous metals slowed down (+1.4% after +6.8%) as well as those of precious metals (+0.7% after +4.5%). The prices of agro-industrial raw materials were practically stable (−0.1% after −1.2%). The price of natural rubber bounced back (+4.8% after −0.5%) just as the price of natural fibres (+0.5% after −5.0%) and the price of tropical wood (+1.7% after −0.4%). The price of hides decreased less slightly than in August (−0.9% after −3.6%) as those of sawn softwood (−0.9% after −2.4%). Only the price of wood pulp decreased more than in August (−0.9% after −0.1%).

Food commodity prices recovered

In euros, the prices of raw food materials recovered (+1.0%) after a six-month decrease. The price of beef meat decreased less sharper than in August (−1.3% after −8.0%). The prices of cereals bounced back lightly (+0.2% after −5.9). The rebound was more marked for oil seeds and vegetable oils prices (+3.0% after −1.9%), and sugar prices (+6.8% after −6.3%). In contrast, the prices of tropical foodstuffs declined more than in July (−1.9% after −0.5%).

Graph3 – Food

  • Source : INSEE

Graph2 – Imported raw materials (excluding energy)

  • Source : INSEE

Graph4 – Industrial raw materials

  • Source : INSEE

Table2 – Imported raw materials (excluding energy) in euros

base 100 in 2000
Imported raw materials (excluding energy) in euros
Index Changes (%)
of last month Sept./ Aug Sept./ June Sept. 2017 /Sept. 2016
Food total 184.5 1.0 –4.5 –12.2
Tropical foodstuffs 157.1 –1.9 –4.6 –25.3
Oil seeds, vegetable oils 221.2 3.0 2.9 –5.8
Cereals 149.4 0.2 –7.5 4.2
Sugar 134.3 6.8 1.1 –37.0
Beef meat 128.3 –1.3 –19.9 –4.4
Industrial raw materials 174.7 –0.1 6.6 13.9
Agricultural raw materials 119.4 –0.1 –3.8 4.6
Natural Fibres 132.8 0.5 –8.2 –0.1
Natural rubber 148.6 4.8 7.0 6.8
Hides 59.5 –0.9 –12.6 –21.3
Wood pulp 101.4 –0.9 –3.9 3.5
Tropical wood 93.1 1.7 –0.5 –4.7
Sawn softwood 109.1 –0.9 –6.3 8.2
Minerals 203.6 –0.1 9.5 16.4
Iron ore 452.4 –6.2 19.9 20.9
Non-ferrous metals 168.4 1.4 8.1 17.5
Precious metals 239.5 0.7 –0.7 –7.2
All commodities 174.2 0.2 2.6 3.7
  • Source : INSEE