Informations Rapides · 28 February 2023 · n° 54

In January 2023 the industrial producer prices sped up over a month (+1.6%) and remained on a high rise over a year (+14.9%) Industrial Producer and Import Price Indices - January 2023

In January 2023, the industrial producer prices accelerated over a month (+1.6% after +1.0%), due to the significant acceleration of prices of products sold on the home market (+2.7% after +1.2%) while those for exported products fell back (-1.7% after +0.5%). Over a year, the industrial producer prices decelerated but remained on a high rise: +14.9% after +17.5%.

The industrial producer prices excluding energy accelerated over a month (+1.1% after a virtual stability in December) as over a year (+9.6% after +9.3%).

In January 2023, the industrial producer prices for the home market accelerated over a month (+2.7% after +1.2% in December 2022), due to the rise of prices of mining and quarrying products, energy and water (+5.4% after +5.6%) as well as the rebound of those of manufactured products (+1.3% after ‑0.9%). Over a year, the rise of the industrial producer prices for the home market remained strong: +17.9% (after +20.5%). These prices were approximately 46% above their 2019 average level.

In January 2023, the prices of mining and quarrying products, energy and water went up again sharply over a month (+5.4% after +5.6% in December 2022), as well as over a year (+29.3% after +34.5%). The prices of the production and trade of electricity were on a very strong rise over a month (+8.9% after +11.4%) and over a year (+52.4% after +61.9%) but decelerated. Compared to their 2019 average level, the prices of mining and quarrying products, energy and water have more than doubled (+113%).

In January 2023, the prices of the “other industrial products” rebounded over a month (+1.0% after -0.6%), due to the price adjustments usually taking place at the beginning of the year (to pass on raw materials and energy cost rises), in particular those of ready-mixed concrete products (+6.5% after -0.3%). Over a year, the prices of the “other industrial products” decelerated (+9.2% after +11.4% in the previous month). They stood approximately 24% above their 2019 average level.

In January 2023, food and beverage prices sped up over a month (+1.8% after +0.2%) driven by the sharp acceleration of the prices of dairy and cheese products (+2.1% after +0.6%; +17.5% over a year) and those of sugar (+17.4% after +11.6%; +75% over a year). Suppliers waited until the beginning of the year to pass on further price increases due to raw material and energy costs. Over a year, food and beverage prices remained on a high rise (+19.8% after +19.6%). They were approximately 28% above their 2019 average level.

In the wake of crude oil prices, the prices of refined petroleum products went up anew over a month in January 2023 (+3.3% after ‑12.5%) and were still rising substantially over one year (+23.2% after +37.5%), albeit at a slower pace. They were approximately 61% above their 2019 average level.

In January 2023, the prices of electrical, computer and electronic equipment and machinery accelerated over a month (+1.2% after +0.3% in the previous month). Over a year, they went up on a pace close to the one of the previous month (+6.8% after +6.9%). They stood 14% above their 2019 average level.

In January 2023, transport equipment prices decelerated over a month: +0.4% after +1.8%, as a consequence of the virtual stability of those of motor vehicles (-0.1% after +3.6%). Over a year, transport equipment prices remained on a sharp rise (+11.2%, as in December) and were approximately 21% above their 2019 average level.

In January 2023, the industrial producer prices for the foreign markets fell back over a month (-1.7% after +0.5% in December), driven significantly downwards by those of mining and quarrying products, energy and water. The price of electricity in the wholesale (spot) market fell sharply in January due to a weak consumption and a drop in the price of gas, combined with strong wind production and more availability for nuclear energy.

Over a year, the industrial producer prices for the foreign markets decelerated but remained on a high rise (+6.7% after +9.9% in the previous month), although less pronounced than on the home market.

In January 2023, the import prices of industrial products were down again (-2.9% after -1.3%), due to the marked drop in the prices of mining and quarrying products, energy and water; while the prices of each manufactured product sector rebounded, in particular those of food and beverages (+1.6% after -0.3%) as well as, to a lesser extend, those of refined petroleum products (+0.2% after -12.6%).

Over a year, the import prices of industrial products decelerated strongly (+0.9% after +8.3%). They were approximately 27% above their 2019 average level.