Informations Rapides · 31 October 2023 · n° 277

In September 2023 the industrial producer prices rose over a month (+0.7% after +0.8%) but continued to go down over a year (-2.8% after -3.2%) Industrial Producer and Import Price Indices - September 2023

In September 2023, the overall producer prices in the French industry were up by 0.7% over a month (after +0.8% in August). Prices went up for products sold on the home market (+0.7% as in the previous month) as for those intended for foreign markets (+0.5% after +1.1%). Over a year, the industrial producer prices continued to go down (-2.8% after -3.2%).

Excluding energy, the producer prices in the French industry were up over a month(+0.2% after a virtual stability in August) as over a year (+1.1% after +1.3%).

In September 2023, the producer prices in the French industry for the home market rose again(+0.7% over a month as in August). Prices of mining and quarrying products, energy and water accelerated (+1.7% after +0.8%) while those of manufactured products decelerated (+0.3% after +0.7%). Over a year, the producer prices in the French industry for the home market fell again (-1.7% after -1.4% in August). They were 29% above their 2021 average level.

In September 2023, the prices of mining and quarrying products, energy and water sped up over a month (+1.7% after +0.8%), due to the acceleration of prices of production and trade of electricity (+1.6% after +0.3%) and those of trade services of gas through mains (+2.6% after a virtual stability in August). Over a year, the prices of mining and quarrying products, energy and water fell again (-7.1% after -6.0%). They were 52% above their 2021 average level.

In the wake of oil prices, the prices of refined petroleum products remained on a high rise over a month but decelerated (+8.1% in September after +13.3% in August). They dropped over a year for the seventh consecutive month (-5.2% after -13.9%) but were still 75% above their 2021 average level.

In September 2023, food and beverage prices kept going down over a month for the fifth consecutive month (-0.5% after -0.9%) in particular due to the fall of processed and preserved meat prices (-2.0 % after -1.4%), as demand was low relative to supply. In line with the fall of wheat prices, the prices for bread, fresh pastry goods and cakes continued to go down (-0.8% after -0.7%), as did those of prepared feeds for farm animals (-1.5% after -2.3%), linked to world prices for cereals and milk powder.

Over a year, food and beverage prices decelerated but their rise remained sharp (+5.4% after +6.2%). They were 27% above their 2021 average level.

In September 2023, the prices of the “other industrial products” went down over a month (-0.3% after +0.2% in August). Prices of ready-mixed concrete fell back (-3.9% after +2.3%), as producers passed on lower input prices. Conversely, prices of “other organic basic chemicals" accelerated (+2.2% after +0.9%) in line with oil prices. Over a year, the prices of “other industrial products” kept going down (-2.4% in September after -2.1% in August). They stood 15% above their 2021 average level.

In September 2023, the prices of electrical, computer and electronic equipment and machinery rose over a month (+0.6% after -0.2% in the previous month). Those for other taps and valves rebounded (+4.0% after -2.2%), as suppliers updated their prices to take into account increases in raw material and energy costs. The prices of electrical, computer and electronic equipment and machinery kept rising over a year (+4.7% after +4.4%) and stood 14% above their 2021 average level.

In September 2023, transport equipment prices were almost unchanged over a month (-0.1% after a stability in August). They continued to rise markedly over a year (+6.1% after +7.4%) and were 15% above their 2021 average level.

In September 2023, the industrial producer prices for the foreign markets slowed down (+0.5% over a month after +1.1%). The prices of manufactured products rose by 0.7% (as in August) whereas those of mining and quarrying products, energy and water fell back. Prices of refined petroleum products decelerated significantly (+2.5% after +13.2%).

Over a year, the producer prices in the French industry for the foreign markets went down for the sixth consecutive month (-6.0% after -8.1% in the previous month). They stood 15% above their 2021 average level.

In September 2023, the import prices of industrial products rose again (+1.5% after +1.2% in August), driven by those of mining and quarrying products, energy and water, in particular those of natural gas. To a lesser extent, prices of manufactured products also went up (+0.6% after +0.8%). Prices of coke and refined petroleum products decelerated (+8.6% after +13.7%). Those of food and beverages slightly rebounded (+0.2% after -0.2%), driven by cocoa, chocolate and sugar confectionery prices (+3.8% after +0.7%) which accelerated due to poor harvests in Africa.

Over a year, import prices of industrial products kept falling for the seventh consecutive month (-8.0% after -12.2% in August). However, they were 15% above their 2021 average level.

The monthly variation of the producer price index in the French industry in August 2023 has been revised upwards by 0.1 points compared to the previous release, due to late responses: it stands at +0.8%.