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In January, commodity prices recoveredPrices of oil and raw material imports - January 2018

In January 2018, the price of crude oil in euros ramped up (+4.1% after +1.8% in December). The prices in euros of all other imported commodities slightly recovered (+0.2%) after a sober decrease in December (−0.7%). The decrease in raw food materials prices was less strong (−2.0% after −3.2%) while the prices of industrial raw materials ramped up (+2.3% after +1.8%).

Warning: two data sets (poultry and shrimps) included in the indices calculation were revised by the data provider (World Bank), over a long period. Data sets of seafood products index, meats index and raw food materials index slightly differ from previous release.

Furthermore, the weight of each commodity in agregated indices has been updated, depending on their share in 2017 imports.

In January 2018, the price of crude oil in euros ramped up (+4.1% after +1.8% in December). The prices in euros of all other imported commodities slightly recovered (+0.2%) after a sober decrease in December (−0.7%). The decrease in raw food materials prices was less strong (−2.0% after −3.2%) while the prices of industrial raw materials ramped up (+2.3% after +1.8%).

Oil price eased

In January 2018, the price of North Sea crude oil (Brent) in euros ramped up (+4.1% after +1.8% in December) to an average of €57 per barrel. In dollars, the rise was more marked in January (+7.3% after +2.7%), 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 69,1 7,3 19,9 24,6
Brent in € per barrel 56,6 4,1 15,6 8,5
Gasoline cts €/L 41,2 5,4 6,9 2,7
Gas Oil 502,0 4,3 10,7 9,3
Heavy fuel 324,9 1,6 9,9 0,1
Naphtha 486,4 0,6 11,5 4,0
  • Prices are in euros per tonne unless otherwise specified
  • Source : INSEE

Food commodity prices decreased again

In euros, the prices of raw food materials decreased again (−2.0% after −3.2%). The price of all meats fell back (−3.7% after +1.8 %). The price of sugar plummeted again (−5.8% after −4.5%) ; those of oil seeds and vegetable oils decreased too (−2.5% after −2.5%). The prices of seafood products decreased less than in December (−1.2% after −6.2%) as well as those of tropical foodstuffs (−1.0% after −6.2%). The prices of cereals recovered (+3.4% after −0.7%).

Graph3 – Food

  • Source : INSEE

Industrial commodity prices increased for the third month in a row

In January 2018, the prices in euros of industrial raw materials increased for the third month in a row (+2.3% after +1.8% in December and +2.0% in November). The prices of minerals ramped up again (+2.8% after +2.3%), largely due to prices recovery in non ferrous metals (+3.6% after −2.1%) and precious metals (+2.2% after −3.2%). The prices of ferrous metals eased (+2.8% after −11.3%). Those of agro-industrial raw materials increased (+0.4% after −0.1%), because of sawn softwood prices (+4.0% after −6.1%). The prices of natural fibres slowed down (+2.6% after +3.9%), as those of hides (+0.2% after +3.9%), natural rubber (+1.2% after +1.3%) and wood pulp (+0.3% after +2.8%).The prices of tropical wood were virtually stable (−0.1% after +0.5%).

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 110,9 –2,0 –5,0 –20,3
Tropical foodstuffs 90,6 –1,0 –8,9 –25,6
Oil seeds, vegetable oils 107,1 –2,5 –4,3 –15,2
Cereals 92,7 3,4 2,8 –6,5
Sugar 68,5 –5,8 –5,2 –40,7
Meat 131,8 –3,7 2,6 –7,8
Seafood products 109,1 –1,2 –10,0 –28,8
Industrial raw materials 90,7 2,3 6,2 –2,5
Agricultural raw materials 116,1 0,4 5,2 3,4
Natural Fibres 100,3 2,6 10,3 –0,8
Natural rubber 49,0 1,2 0,7 –39,8
Hides 80,7 0,2 4,9 –23,3
Wood pulp 119,8 0,3 7,8 10,3
Tropical wood 96,2 –0,1 0,7 –2,6
Sawn softwood 210,7 4,0 6,8 38,8
Minerals 85,6 2,8 6,5 –3,7
Ferrous metals 58,7 2,8 19,1 –17,1
Non-ferrous metals 108,5 3,6 1,1 8,0
Precious metals 106,9 2,2 –0,1 –4,5
All commodities 99,9 0,2 0,6 –11,8

Graph2 – Imported raw materials (excluding energy)

  • Source : INSEE

Graph4 – Industrial raw materials

  • Source : INSEE