21 February 2018
2018- n° 39In January, commodity prices recovered Prices 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.
graphiqueGraph1 – Oil (Brent)
- Source : INSEE
tableauTable1 – 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%).
graphiqueGraph3 – 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%).
tableauTable2 – 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 |
graphiqueGraph2 – Imported raw materials (excluding energy)
- Source : INSEE
graphiqueGraph4 – Industrial raw materials
- Source : INSEE
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Time series : Raw materials prices
