Insee conjoncture
21 novembre 2017
N° 2017-303

In October, oil prices continued to risePrices of oil and raw material imports - October 2017

In October 2017, the price of crude oil in euros increased again (+5.2% after +5.9%). The prices in euros of all other imported commodities decreased (+1.1% after −2.3%). The prices of industrial raw materials decreased more strongly than in September (−1.4% after −0.9%) and those of raw food materials decreased less (−0.9% after −3.6%).

Warning: the imported raw materials index has been upgraded. The basket of goods has been expanded, weights re-estimated, and the index has been rebased in 2010. All the results in this publication (october data and previous months) are computed with respect to the new index and can be different from previous publications. For further details, please refer to the methodology note.

In October 2017, the price of crude oil in euros increased again (+5.2% after +5.9%). The prices in euros of all other imported commodities decreased (+1.1% after −2.3%). The prices of industrial raw materials decreased more strongly than in September (−1.4% after −0.9%) and those of raw food materials decreased less (−0.9% after −3.6%).

Oil price increased again

In October 2017, the price of North Sea crude oil (Brent) in euros continued to rise (+5.2% after +5.9% in August) to an average of €49 per barrel. In dollars, the increase was a little stronger (+3.8% after +6.9%) because the euro depreciated during the month.

Graph1Oil (Brent)

  • Source : INSEE

Table1Oil and petroleum products

in euros
Oil and petroleum products (in euros) -
Prices Change (%)
of last month over the last month over the last 3 months over the last 12 months
Brent in $ per barrel 57.6 3.8 17.2 12.1
Brent in € per barrel 49.0 5.2 14.9 5.2
Gasoline €/L 0.4 –6.3 7.4 5.7
Gas Oil 453.5 1.7 15.3 8.0
Heavy fuel 295.7 2.2 8.8 8.8
Naphtha 436.3 4.3 20.5 9.3
  • Prices are in euros per tonne unless otherwise specified
  • Source : INSEE

Industrial commodity prices decreased

In October 2017, the prices in euros of industrial raw materials decreased (−1.4% after −0.9%). The prices of minerals kept decreasing (−2.4% after −1.3%), largely because of the decrease in ferrous metals prices (−12.4% after −6.6%), suffering from a weak chinese demand. The prices of precious metals decreased (−1.1% after +1.6%). However, the prices of non-ferrous metals grew again (+3.7% after +2.0%). The prices of agro-industrial raw materials ramped up (+3.5% after +1.2%). Indeed, the price of natural wood pulp bounced back (+3.3%), after remaining virtually stable in September. The price of sawn softwood speeded up strongly (+9.2% after +3.7%). The price of hides recovered (+0.7% after −1.8%) and those of tropical wood eased (+0.5% after +1.7%). The price of natural fibres fell back (−1.1% after +0.4%) such as natural rubber price (−8.1% after +3.3%), because China diminished its supplies.

Food commodity prices decreased less than in September

In euros, the prices of raw food materials decreased less than in September (−0.9% after −3.6%). The price of all meats decreased (−2.6% after −10.9%), because of the price of pork (−16.9% after −37.3%) that suffered from an excessive supply. The prices of seafood products decreased too (−2.9% after −2.9%). The prices of cereals remained slightly increasing (+0.2% after +0.3%). The prices of oil seeds and vegetable oils bounced back (+1.0% after −2.2%) as well as the prices of tropical foodstuffs (+0.7% after −2.2%). The price of sugar accelerated (+3.6% after +0.1%).

Graph3Food

  • Source : INSEE

Graph2Imported raw materials (excluding energy)

  • Source : INSEE

Graph4Industrial raw materials

  • Source : INSEE

Table2Imported raw materials (excluding energy) in euros

base 100 in 2010
Imported raw materials (excluding energy) in euros (base 100 in 2010) -
Index Changes (%)
of last month over the last month over the last 3 months over the last 12 months
Food total 120.6 –0.9 –8.3 –9.6
Tropical foodstuffs 99.4 0.7 –3.0 –20.3
Oil seeds, vegetable oils 111.9 1.0 –2.3 –5.2
Cereals 90.1 0.2 –10.1 –2.0
Sugar 72.3 3.6 –1.2 –41.7
Meat 136.2 –2.6 –16.3 –1.9
Seafood products 134.1 –2.9 –10.2 –5.7
Industrial raw materials 85.4 –1.4 2.1 11.1
Agricultural raw materials 110.8 3.5 0.9 5.9
Natural Fibres 97.9 –1.1 –6.0 –4.2
Natural rubber 48.7 –8.1 –6.0 –8.7
Hides 76.9 0.7 –6.8 –24.4
Wood pulp 111.1 3.3 0.5 6.8
Tropical wood 95.5 0.5 –0.5 0.3
Sawn softwood 197.3 9.2 8.2 31.2
Minerals 80.4 –2.4 2.4 12.4
Ferrous metals 49.3 –12.4 –10.6 –1.3
Non-ferrous metals 107.3 3.7 10.9 23.3
Precious metals 107.0 –1.1 2.3 –4.4
All commodities 101.1 –1.1 –3.4 –0.4
  • Source: INSEE


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