Informations Rapides · 31 January 2023 · n° 28

In December 2022 the industrial producer prices rose again over a month (+1.1%) and remained on a high rise over a year (+17.7%) Industrial Producer and Import Price Indices - December 2022

In December 2022, the industrial producer prices accelerated over a month (+1.1% after +0.6%), both for products sold on the home market (+1.4% after +0.7%) and for exported products (+0.5% after a stability in November). Over a year, the industrial producer prices continued to rise sharply: +17.7% after +18.1%.

The prices of the trade services of electricity went up strongly over a month (+10.9% after +5.1%) as well as over a year (+60.6% after +55.3%).The industrial producer prices excluding energy were almost unchanged over a month (-0.1%) and decelerated over a year (+9.4% after +11.9%).

In December 2022, the industrial producer prices for the home market accelerated over a month (+1.4% after +0.7% in November), due to the prices of mining and quarrying products, energy and water, while those of manufactured products fell again (‑0.9% after -0.7%). Over a year, the rise of the industrial producer prices for the home market remained sharp: +20.7% (after +20.9%). These prices were 43% above their 2019 average level.

In December 2022, the prices of mining and quarrying products, energy and water accelerated sharply over a month (+6.1% after +3.8% in November 2022), as well as over a year (+34.9% after +33.0%). They have more than doubled compared to their 2019 average level. The prices of the trade services of electricity went up strongly over a month (+10.9% after +5.1%) as well as over a year (+60.6% after +55.3%).

In the wake of crude oil prices, the prices of refined petroleum products went down sharply in December 2022 (‑12,7% as in November 2022) but were still rising at a very high pace over one year (+37.1% after +48.5%). They were 55% above their 2019 average level.

In December 2022, transport equipment prices went up by 1.8% over a month (as in November 2022), especially those of motor vehicles (+3.5% after +3.6%): manufacturers passed on their production cost increases (raw materials and electronic components), in a context of imbalance between supply and demand for new vehicles. The prices of bodies (coachwork) for motor vehicles; trailers and semi-trailers accelerated over a month (+1.1% after +0.6%) and have remained on a continuous rise for almost two years. Over a year, transport equipment prices accelerated (+11.3% after +10.2% in November) and were 20% above their 2019 average level.

In December 2022, the prices of the “other industrial products” fell back over a month (-0.3% after +0.1%), due to the fall in the other organic basic chemicals product prices (-7.4% after +0.8%) and those of paper and paperboard products (-2.6% after -1.4%). Over a year, the prices of the “other industrial products” remained on a rise at a high pace (+11.8% after +12.8% in the previous month). They stood 23% above their 2019 average level.

In December 2022, food and beverage prices decelerated over a month (+0.2% after +0.7%) owing to oil and fat price decelerations (-6.1% after +7.2%) and despite the sharp acceleration of sugar prices (+11.4% after +1.3%). Over a year, food and beverage prices remained on a high rise (+19.4% after +20.4%). They were 26% above their 2019 average level.

In December 2022, the prices of electrical, computer and electronic equipment and machinery were almost unchanged over a month (+0.1% after +0.2% in the previous month) and decelerated over a year (+6.7% after +7.2%). They stood 12% above their 2019 average level.

In December 2022, the industrial producer prices for the foreign markets went up by 0.5% over a month, after a stability in November. Over a year, the industrial producer prices for the foreign markets decelerated but remained on a high rise (+9.9% after +10.9% in the previous month), albeit at a slower pace than on the home market. This less pronounced rise is accounted for the lower share of mining and quarrying products, energy and water on foreign markets than on the home market.

In December 2022, the import prices of industrial products were down again (-1.2% after -0.4%), due to the marked drop in the prices of coke and refined petroleum products (‑13.1% after -11.7%). The prices of electrical, computer and electronic equipment and machinery remained almost unchanged over a month, while those of the other sectors went down.

Over a year, the import prices of industrial products kept rising sharply but decelerated (+8.6% after +11.9%). They were 31% above their 2019 average level.

The monthly variation of the producer price index in industry in November 2022 has been revised downwards by 0.3 points compared to the previous release: it now stands at +0.6%.

The monthly change in the industrial producer prices for the home market in November 2022 has been revised downwards by 0.5 points (+0.7% instead of +1.2%), after taking into account consolidated data on refined petroleum product prices, basic iron and steel and ferro-alloys prices and electricity production and trade prices.