Informations Rapides · 30 November 2022 · n° 312

In October 2022 the industrial producer prices fell back over a month (-1.1%) but remained on a high rise over a year (+21.4%) Industrial Producer and Import Price Indices - October 2022

In October 2022, the industrial producer prices fell back over a month (-1.1%), after a moderate rise (+0.2%) in September. It was the first monthly downturn since April 2021 (-0.4%). The prices of products intended for the home market were almost unchanged (-0.1% after +1.0%) while those intended for foreign markets went down for the second consecutive month (-3.5% after -1.8%). Over a year, however, the industrial producer prices continued to rise sharply: +21.4% in October 2022 (after +26.0%).

In October 2022, the industrial producer prices for the home market slowed down over a month (-0.1% after +1.0% in September), owing to the sharp downturn of those of mining and quarrying products, energy and water (-3.2% after +3.2%), while the prices of manufactured products rebounded (+1.3% after 0.0% in September). Over a year, the rise of the industrial producer prices for the home market remained sharp: +24.7% (after +28.7%). Prices were 40% above their 2019 average level.

In October 2022, the prices of mining and quarrying products, energy and water fell back strongly over a month (-3.2% after +3.2% in September 2022) and decelerated over a year (+45.8% after +61.6%). They were 86% above their 2019 average level. The prices of trade services of gas through mains fell back strongly (-10.8% after +15.0%) as well as those of steam and air conditioning supply services (-11.6% after -16.1%), following the significant drop in the spot price of gas. The electricity production and trade prices went down moderately over one month (-0.3% after +1.0%) but were still rising at a very high pace over a year (+65.7%).

In the wake of oil prices which went up in October and following a shortage on the home market due to strikes in several oil refineries, the prices of refined petroleum products rebounded in October 2022 (+12.2% after -2.2%) and were still rising at a very high pace over one year (+66.6% after +69.4%). They were 103% above their 2019 average level.

In October 2022, food and beverage prices accelerated over a month (+1.0% after +0.2%) mainly because of the rise of meat and poultry meat product prices (+2.1% after +0.6%) and those of other food products n.e.c. (+3.1% after +1.0%) such as eggs. Over a year, food and beverage prices continued to rise sharply (+20.2% in October 2022 after +19.6%). These prices were 24% above their 2019 average level.

In October 2022, the transport equipment prices slowed down over a month (+0.7% after +1.2%), especially those of motor vehicles (+1.2% after +2.2%), manufacturers passing on their production costs increases (energy and raw materials). Over a year, the transport equipment prices rose by 7.8% (after +7.7% in September) and were 15% above their 2019 average level.

In October 2022, electrical, computer and electronic equipment and machinery prices were up over a month (+0.4% after +0.2%). Over a year, they rose by 7.4% (as in September). They stood 12% above their 2019 average level.

In October 2022, the prices of the “other industrial products” were almost unchanged over a month (+0.1% after -0.1% in September). This stability masked contrasting trends linked to the price of raw materials. The prices of paper and paper products accelerated (+2.0% after +0.9%) while those of chemicals and chemical products went down (-1.2% after -0.1%). Over a year, the prices of the “other industrial products” remained on a rise at a high pace (+13.4% after +14.8% in the previous month). They stood 23% above their 2019 average level.

In October 2022, the industrial producer prices for the foreign markets went down for the second consecutive month (-3.5% after -1.8%), especially those of electricity, while those of manufactured products went up (+0.7% after +0.4%). Over a year, the industrial producer prices for the foreign markets decelerated sharply but remained on a high rise (+12.9% after +19.4% in the previous month). They were 25% above their 2019 average level.

In the wake of crude oil prices, the prices of refined petroleum products rebounded over a month (+9.7% after -6.8%) and decelerated over a year (+40.2% after +46.4%). Prices of transport equipment stood up again over a month (+0.9% after +1.0%) as over a year (+10.5% after +9.3%), driven mainly by those of motor vehicles (+1.8% after +1.6%). The prices of the “other industrial products” were up moderately over a month (+0.2% after +0.6%) and remained on a high rise over a year (+14.2% after +15.5%). Prices of food and beverages decelerated over a month (+0.5% after +0.9%), due to a downturn in those of dairy and cheese products (-1.4% after 0.0%). They remained on a strong rise over a year (+21.5% after +21.4%). At last, the prices of electrical, computer and electronic equipment and machinery went up moderately over a month (+0.2% as in September). Over a year, they went up by 6.8% (after +7.3%).

In October 2022, the import prices of industrial products were down for the second consecutive month (-1.1% after -3.0%). The prices of mining and quarrying products, energy and water (especially those of natural gas) went down markedly and those of manufactured products rebounded (+1.3% after -0.3%). Over a year, the import prices of industrial products kept rising sharply but decelerated (+15.1% after +20.3%). They were 33% above their 2019 average level.

In connection with trends in international oil prices, prices of coke and refined petroleum products rebounded markedly over a month (+10.7% after -5.1%) and soared over a year (+69.3% after +70.0%). Prices of transport equipment accelerated over a month (+1.0% after +0.1%; +4.5% over a year), as well as those of “other industrial products” (+0.5% after -0.1%). In particular, prices of wearing apparel kept rising (+2.3% after +2.0%) due to raw material and transport costs. Over a year, prices of the “other industrial products” slowed down slightly (+11.8% after +12.6%).

Prices of electrical, computer and electronic equipment and machinery accelerated over a month (+0.7% after +0.2%), as over a year (+6.2% after +6.0%). At last, the prices of food, beverages and tobacco products rose moderately over a month (+0.2%, as in September) and remained on a high rise over a year (+16.3% after +17.1%).