19 June 2018

2018- n° 156
In May, the prices of all imported raw materials accelerated Prices of oil and raw material imports - May 2018

In May 2018, the price of crude oil in euros ramped up again (+10.9% after +9.8% in April). The prices in euros of all other imported commodities accelerated too (+5.5% after +0.3%): both as a result of raw food materials prices (+5.7% after +0.1%) and because of industrial raw materials prices (+5.4% after +0.6%).

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Oil price ramped up
The prices of food commodity accelerated frankly…
…as well as industrial commodity prices.

Oil price ramped up

In May 2018, the price of North Sea crude oil (Brent) in euros ramped up again (+10.9% after +9.8%) to an average of €65 per barrel. The decrease was less marked in dollars (+6.8% after +9.0%), because the euro depreciated in May

tableauTable1 – Oil 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	76,9	6,8	17,7	49,5
Brent in € per barrel	65,2	10,9	23,2	40,2
Gasoline cts €/L	47,7	10,8	22,6	29,7
Gas Oil	574,4	10,8	22,5	39,6
Heavy fuel	337,8	3,9	5,2	19,4
Naphtha	559,0	14,7	24,8	42,7

Prices are in euros per tonne unless otherwise specified
Source : INSEE

The prices of food commodity accelerated frankly…

In euros, the prices of raw food materials ramped up frankly (+5.7% after +0.1%). The prices of cereals accelerated clearly (+6.1% after +3.5%) as those of tropical foodstuffs (+4.4% after +2.3%), and seafood products (+7.7% after +1.2%). The prices of oil seeds and vegetable oils recovered (+2.2% after −0.4%), and those of meats bounced back (+8.1% after −3.5%) as sugar price (+4.3% after −7.6% in April).

…as well as industrial commodity prices.

In May 2018, the prices in euros of industrial raw materials gathered pace clearly (+5.4% after +0.6%). Those of agro-industrial raw materials increased considerably (+9.2% after +2.2%), again because of sawn softwood price (+18.1% after +5.6%) and wood pulp price (+7.4% after +3.0%). The prices of natural fibres speeded up clearly (+8.0% after +0.4%), while natural rubber price recovered (+8.0% after −3.8%). The price of tropical wood fell back (−0.5% after +1.2%), and the price of hide decreased less than in April (−0.2% after −2.8%). The prices of minerals accelerated (+4.5% after +0.2%), largely due to non-ferrous metals (+4.6% after +4.5%) and ferrous metals (+4.8% after −5.9%). The prices of precious metals speeded up too (+2.1% after +1.0%).

tableauTable2 – Imported raw materials (excluding energy) in euros

base 100 in 2000

Imported raw materials (excluding energy) in euros (base 100 in 2000) -
	Index	Changes (%)
	of last month	over the last month	over the last 3 months	over the last 12 months
Food total	121,5	5,7	8,5	–8,3
Tropical foodstuffs	102,7	4,4	12,7	–2,7
Oil seeds, vegetable oils	111,4	2,2	1,3	–5,0
Cereals	103,9	6,1	12,8	3,3
Sugar	59,8	4,3	–8,6	–29,4
Meat	145,9	8,1	5,1	–7,2
Seafood products	122,0	7,7	15,5	–15,8
Industrial raw materials	91,4	5,4	1,2	9,1
Agricultural raw materials	133,3	9,2	13,1	19,0
Natural Fibres	111,5	8,0	12,0	8,4
Natural rubber	48,2	8,0	2,7	–12,2
Hides	77,2	–0,2	–3,3	–16,2
Wood pulp	139,0	7,4	13,5	25,8
Tropical wood	97,0	–0,5	0,7	–2,4
Sawn softwood	275,9	18,1	25,3	50,8
Minerals	83,8	4,5	–1,3	7,0
Ferrous metals	53,0	4,8	–9,9	–0,2
Non-ferrous metals	112,0	4,6	4,6	14,1
Precious metals	106,6	2,1	2,2	–3,2
All commodities	104,9	5,5	4,7	–0,3