Insee conjoncture
20 décembre 2017
N° 2017-334

In November, oil prices kept risingPrices of oil and raw material imports - November 2017

In November 2017, the price of crude oil in euros increased again (+9.0% during the month, after +5.2%). The prices in euros of all other imported commodities increased too (+1.0% after −1.1%). The prices of industrial raw materials bounced back (+2.0% after −1.4%) and those of raw food materials were virtually stable (+0.1% after −0.9%).

Informations rapides
No 334
Paru le : 20/12/2017
Prochaine parution le : 19/12/2018 at 12:00 - November 2018

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 November 2017, the price of crude oil in euros increased again (+9.0% during the month, after +5.2%). The prices in euros of all other imported commodities increased too (+1.0% after −1.1%). The prices of industrial raw materials bounced back (+2.0% after −1.4%) and those of raw food materials were virtually stable (+0.1% after −0.9%).

Oil price increased again

In November 2017, the price of North Sea crude oil (Brent) in euros kept rising (+9.0% after +5.2% in August) to an average of €53 per barrel. In dollars, the rise was comparable (+8.9% after +3.8%), because the exchange rate reminded stable.

Graph1Oil (Brent)

  • Source: INSEE

Table1Oil and petroleum products

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 62.7 8.9 20.8 33.1
Brent in € per barrel 53.4 9.0 21.5 22.4
Gasoline €/L 0.4 6.8 9.1 15.3
Gas Oil 477.2 5.2 16.9 20.6
Heavy fuel 322.8 9.2 17.8 22.2
Naphtha 487.6 11.8 25.6 26.8
  • Prices are in euros per tonne unless otherwise specified
  • Source: INSEE

Industrial commodity prices bounced back

In November 2017, the prices in euros of industrial raw materials bounced back (+2.0% after −1.4%). The prices of minerals recovered (+1.3% after −2.4%), largely because of the rebound in ferrous metals prices (+4.1% after −12.4%). The prices of precious metals picked up too (+0.9% after −1.1%). However, the prices of non-ferrous metals fell back (−0.2% after +3.7%), due to the fall in aluminium prices under the threat of United States setting up import taxes on chinese aluminium. The prices of agro-industrial raw materials sped up (+5.0% after +3.5%). Indeed, the price of natural wood pulp kept increasing (+4.5% after +3.3%) as was the price of sawn softwood (+9.3% after +9.2%). The price of hides accelerated (+0.9% after +0.7%) and the price of tropical wood eased (+0.3% after +0.5%). The price of natural fibres bounced back (+3.4% after −1.1%), driven by the rebound in cotton price. However, the price of natural rubber decreased again (−1.7% after −8.1%).

Food commodity prices were almost unchanged

In euros, the prices of raw food materials were virtually stable (+0.1% after −0.9%). The price of all meats bounced back (−5.2% after −2.6%), because of the price of pork (+29.6% after −16.9%). The price of sugar accelerated (+5.4% after +3.6%). The prices of oil seeds and vegetable oils eased a bit (+0.7% after +1.0%) as those of cereals (+0.1% after +0.2%). However, the prices of seafood products decreased again (−3.3% after −2.9%) and those of tropical foodstuffs edged down (−1.7% after +0.7%) because of Robusta high crops expectations.

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 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 119.7 0.1 –3.5 –13.3
Tropical foodstuffs 97.7 –1.7 –3.3 –22.6
Oil seeds, vegetable oils 112.7 0.7 2.3 –6.9
Cereals 90.2 0.1 0.5 –2.8
Sugar 76.1 5.4 9.2 –34.0
Meat 143.3 5.2 –8.7 1.3
Seafood products 120.1 –3.3 –5.9 –19.2
Industrial raw materials 87.1 2.0 –0.3 –0.3
Agricultural raw materials 115.9 5.0 9.9 8.3
Natural Fibres 94.0 3.4 3.0 –2.7
Natural rubber 47.8 –1.7 –6.7 –21.8
Hides 77.6 0.9 –0.3 –27.1
Wood pulp 116.1 4.5 7.9 9.2
Tropical wood 95.8 0.3 2.6 –2.1
Sawn softwood 215.7 9.3 23.8 46.6
Minerals 81.4 1.3 –2.6 –2.0
Ferrous metals 51.3 4.1 –14.9 –18.4
Non-ferrous metals 107.1 –0.2 5.5 11.2
Precious metals 107.9 0.9 1.4 –4.2
All commodities 101.6 1.0 –2.0 –7.3
  • Source: INSEE

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Prochaine parution le : 19/12/2018 at 12:00 - November 2018