Informations Rapides · 31 March 2023 · n° 86

In February 2023 the industrial producer prices fell back over a month (-0.7%) and remained on a high rise over a year (+13.0%) Industrial Producer and Import Price Indices - February 2023

In February 2023, the industrial producer prices fell back over a month (-0.7% after +1.3%), in particular those of products sold on the home market (-0.9% after +2.5%). The prices of products intended for foreign markets went down for the second consecutive month (-0.2% after -1.9%). Over a year, the industrial producer prices decelerated but remained on a high rise: +13.0% after +14.5%.

Excluding energy, the industrial producer prices were unchanged over a month (after a 1.1% rise in January) and decelerated over a year (+9.3% after +10.3%).

In February 2023, the industrial producer prices for the home market fell back over a month (-0.9% after +2.5% in January 2023), due to the downturn in prices of mining and quarrying products, energy and water (-1.7% after +4.9%) as well as those of manufactured products (-0.4% after +1.3%). Over a year, the rise of the industrial producer prices for the home market remained sharp: +15.7% (after +17.6%). These prices were approximately 45% above their 2019 average level.

In February 2023, the prices of mining and quarrying products, energy and water fell back markedly over a month (-1.7% after +4.9% in January 2023), due to a substantial fall of prices of trade services of gas through mains (-17.7% after -2.2%) while the prices of the production and trade of electricity decelerated over a month (+1.8% after +10.1%). Over a year, the prices of mining and quarrying products, energy and water decelerated slightly (+27.6% after +28.8%) but remained on a high rise. Compared to their 2019 average level, the prices of mining and quarrying products, energy and water have more than doubled (+109%).

While oil rates rose again on international markets in February 2023, the prices of refined petroleum products fell back over a month (-7.4% after +3.2%), as producers continued to pass on rate drops observed on world markets in previous months, particularly for diesel. Prices of refined petroleum products decelerated markedly over a year (+2.9% after +23.2%) and were approximately 49% above their 2019 average level.

In February 2023, food and beverage prices decelerated over a month (+0.8% after +1.7%) and remained on a high rise over a year (+19.6% after +19.8%). The prices of processed and preserved meat went up by 2.4% (after +0.3%) driven by those of the pig sector (due to supply issues and production cost rises). The prices of bread, fresh pastry goods and cakes were also up (+1.4% as in January 2023). The prices of oils and fats fell again (-5.4% after -2.8%), returning to their levels at the beginning of 2022 but standing 77% above their 2019 average level. Food and beverage prices were approximately 29% above their 2019 average level.

In February 2023, the prices of the “other industrial products” fell back over a month (-0.4% after +0.9%), driven down by the prices of chemicals and chemical products (-4.1% after -1.8%). In particular, the prices of “other inorganic basic chemicals” fell sharply (-13.1% after -2.3%) as did those of fertilizers and nitrogen compounds (-16.3% after -5.3%).

Over a year, the prices of the “other industrial products” decelerated (+7.2% after +8.7% in the previous month). They stood approximately 23% above their 2019 average level.

In February 2023, the prices of electrical, computer and electronic equipment and machinery slowed down over a month (+0.7% after +1.4% in the previous month). However, the prices of wiring devices rebounded over a month (+11.4% after -0.2%) owing to raw material costs. Over a year, the prices of electrical, computer and electronic equipment and machinery went up on a pace close to the one of the previous month (+6.8% after +6.9%). They stood 15% above their 2019 average level.

In February 2023, transport equipment prices decelerated over a month: +0.2% after +0.6%, those of motor vehicles were virtually stable (+0.1% after +0.2%). Over a year, transport equipment prices remained on a sharp rise (+11.2% after +11.3%) and were approximately 21% above their 2019 average level.

In February 2023, the industrial producer prices for the foreign markets fell for the second consecutive month (-0.2% after -1.9% in January), driven significantly down by the prices of the “other industrial products” (-0.5% after +0.8%) as well as those of refined petroleum products (-1.4% after +9.5% in January 2023).

Over a year, the industrial producer prices for the foreign markets continued to rise sharply (+6.0% after +6.3% in the previous month), however the rise was less marked than on the home market.

In February 2023, the import prices of industrial products were virtually stable after five months in a fall (+0.1% after -2.7%). The prices of mining and quarrying products, energy and water rose significantly while the prices of each manufactured product sector fell back or were virtually stable. In particular, the prices of coke and refined petroleum products fell back markedly (-7.0% after +0.3%) as well as, to a lesser extend, those of the “other industrial products” (-0.3% after +0.6%).

Over a year, the import prices of industrial products decelerated (+0.3% after +1.0%). They were approximately 27% above their 2019 average level.

The monthly variation of the producer price index in industry in January 2023 has been revised downwards by 0.3 points (+1.3% instead of +1.6%), after taking into account late responses on prices of trade services of gas through mains, on the production and trade of electricity as well as on chemicals and chemical products.