Insee
Informations Rapides · 16 February 2024 · n° 39
Informations rapidesIn January 2024, the price of oil bounced back Prices of oil and raw material imports - January 2024

In January 2024, oil prices in euros bounced back (+3.1% month-on-month after ‑7.3% in December 2023). Prices in euros of imported raw materials (excluding energy) fell back (‑0.7% after +0.6%), due to both industrial raw materials (‑0.6% after +1.0%) and food commodities (‑0.8% after +0.3%).

Informations rapides
No 39
Paru le :Paru le16/02/2024
Prochaine parution le : 24/04/2024 at 12:00 - March 2024
Warning

Following the correction of an error in the conversion of the price of salmon into euros, all the values of the seafood price index in euros have been significantly revised, as have those of the aggregate indices that depend on it by construction: the index of food commodity prices in euros and, more marginally, the index of all imported commodity prices in euros (excluding energy).

Furthermore, three months ago, the World Bank stopped publishing the price of brown shrimp from the Gulf of Mexico, which was used as the benchmark for constructing the seafood price index. As a result, the prices of Thai shrimp published by the IMF are now used. The aggregate indices in foreign currencies that depend on the price of shrimp have been revised accordingly (seafood prices in foreign currencies, food commodity prices in foreign currencies, and more marginally the index for all commodities in foreign currencies). This also led to revisions in the price indices in euros for the same products, but to a lesser extent than the correction in the price of salmon.

Similarly, the benchmark market for heavy fuel oil prices has been changed from Rotterdam to Singapore. As a result, the price level in euros for heavy fuel oil shown in the "Petroleum" table has been slightly revised upwards.

Finally, the data published for January 2024 are provisional. The weights of non-energy commodity indices for 2024 will be updated in the next publication, when all the import data for 2023 will be available. By construction, these new weights will lead to revisions in the index values published for January 2024.

In January 2024, oil prices in euros bounced back (+3.1% month-on-month after ‑7.3% in December 2023). Prices in euros of imported raw materials (excluding energy) fell back (‑0.7% after +0.6%), due to both industrial raw materials (‑0.6% after +1.0%) and food commodities (‑0.8% after +0.3%).

Imported raw materials (excluding energy)

index 2010=100
Imported raw materials (excluding energy) (index 2010=100)
Prices in foreign currencies Prices in euros
2024-01 130.8 149.2
2023-12 131.9 150.3
2023-11 130.3 149.4
2023-10 126.0 147.6
2023-09 126.7 147.1
2023-08 125.4 142.9
2023-07 127.1 143.1
2023-06 125.5 143.4
2023-05 124.3 141.8
2023-04 129.1 146.5
2023-03 128.1 148.9
2023-02 129.8 151.2
2023-01 128.7 149.7
2022-12 124.6 147.0
2022-11 120.9 147.4
2022-10 121.4 152.6
2022-09 124.0 155.5
2022-08 130.7 161.6
2022-07 130.5 159.7
2022-06 138.6 164.5
2022-05 142.7 169.6
2022-04 151.5 178.1
2022-03 152.0 175.7
2022-02 142.0 159.4
2022-01 136.7 153.9
2021-12 131.5 148.1
2021-11 126.8 141.7
2021-10 130.8 144.1
2021-09 128.0 138.8
2021-08 132.3 143.1
2021-07 134.3 144.8
2021-06 135.8 144.2
2021-05 138.3 145.7
2021-04 129.9 138.9
2021-03 122.5 131.5
2021-02 119.4 126.1
2021-01 116.1 121.9
2020-12 112.9 118.3
2020-11 104.3 112.0
2020-10 100.7 108.5
2020-09 100.9 108.6
2020-08 98.4 105.7
2020-07 92.4 102.0
2020-06 90.2 101.1
2020-05 88.9 102.4
2020-04 84.6 97.3
2020-03 88.6 100.4
2020-02 91.5 106.1
2020-01 94.5 108.2
2019-12 93.6 106.9
2019-11 91.0 104.4
2019-10 89.6 102.8
2019-09 90.5 104.3
2019-08 90.9 103.7
2019-07 97.3 110.6
2019-06 95.8 108.1
2019-05 93.8 106.8
2019-04 95.1 108.1
2019-03 93.0 105.1
2019-02 93.8 105.5
2019-01 90.7 101.5
2018-12 89.1 99.8
2018-11 91.0 102.3
2018-10 92.3 103.0
2018-09 89.2 98.1
2018-08 90.6 100.4
2018-07 93.7 103.0
2018-06 98.0 107.9
2018-05 98.4 107.2
2018-04 97.4 102.5
2018-03 97.2 101.9
2018-02 98.3 102.7
2018-01 97.1 102.6
2017-12 94.2 102.1
2017-11 94.3 103.2
2017-10 93.7 102.6
2017-09 95.4 103.3
2017-08 96.6 105.4
2017-07 94.5 105.4
2017-06 91.5 104.2
2017-05 91.7 106.0
2017-04 92.8 110.4
2017-03 97.4 116.4
2017-02 97.9 117.8
2017-01 95.4 114.8
2016-12 93.0 112.6
2016-11 92.0 108.9
2016-10 86.5 100.8
2016-09 85.8 98.2
2016-08 87.1 99.7
2016-07 87.8 101.4
2016-06 85.4 97.6
2016-05 83.3 94.6
2016-04 83.5 94.7
2016-03 80.5 92.8
2016-02 76.9 88.7
2016-01 75.2 88.2
2015-12 76.2 89.3
2015-11 77.4 92.1
2015-10 80.7 92.4
2015-09 81.4 93.3
2015-08 82.1 94.8
2015-07 83.2 97.6
2015-06 86.0 99.5
2015-05 86.3 100.4
2015-04 84.8 101.7
2015-03 85.7 102.0
2015-02 88.3 101.2
2015-01 91.0 101.7
2014-12 93.8 99.4
2014-11 96.4 101.6
2014-10 97.6 101.6
2014-09 98.4 100.9
2014-08 101.4 100.9
2014-07 102.2 100.0
2014-06 101.0 98.7
2014-05 103.0 99.8
2014-04 106.0 102.1
2014-03 104.8 100.8
2014-02 103.0 100.1
2014-01 101.5 98.9
2013-12 101.8 98.5
2013-11 101.0 99.3
2013-10 100.1 97.7
2013-09 100.2 99.8
2013-08 101.3 101.2
2013-07 100.8 102.3
2013-06 99.8 100.8
2013-05 101.0 103.8
2013-04 102.3 104.7
2013-03 103.6 106.6
2013-02 105.9 106.0
2013-01 104.2 104.9

Imported raw materials (excluding energy)

  • Source: INSEE

Oil prices bounced back

In January 2024, the price in dollars of North Sea crude oil (Brent) bounced back after three months of consecutive falls (+2.9% after ‑6.2% in December), averaging $80.0 a barrel. In euros, the price per barrel rebounded in similar proportions (+3.1% after ‑7.3%).

Oil (Brent)

price per barrel
Oil (Brent) (price per barrel)
Prices in dollars Prices in euros
2024-01 80.0 73.4
2023-12 77.8 71.2
2023-11 82.9 76.8
2023-10 90.6 85.8
2023-09 93.5 87.5
2023-08 86.1 78.9
2023-07 80.1 72.4
2023-06 74.8 69.0
2023-05 75.6 69.6
2023-04 84.7 77.2
2023-03 78.4 73.3
2023-02 82.8 77.3
2023-01 82.5 76.6
2022-12 81.0 76.5
2022-11 91.4 89.7
2022-10 93.3 95.0
2022-09 89.7 90.6
2022-08 100.6 99.4
2022-07 111.9 109.9
2022-06 122.0 115.5
2022-05 113.1 106.9
2022-04 104.9 96.7
2022-03 117.2 106.4
2022-02 96.8 85.4
2022-01 86.5 76.5
2021-12 74.4 65.8
2021-11 81.0 71.0
2021-10 83.5 72.0
2021-09 74.5 63.3
2021-08 70.9 60.2
2021-07 75.1 63.5
2021-06 73.2 60.8
2021-05 68.5 56.4
2021-04 64.8 54.1
2021-03 65.4 55.0
2021-02 62.3 51.5
2021-01 54.8 45.0
2020-12 50.0 41.1
2020-11 42.7 36.1
2020-10 40.2 34.1
2020-09 40.9 34.7
2020-08 44.8 37.8
2020-07 43.2 37.7
2020-06 40.3 35.8
2020-05 29.4 27.5
2020-04 18.5 16.9
2020-03 31.9 28.8
2020-02 55.7 51.1
2020-01 63.6 57.3
2019-12 67.2 60.4
2019-11 63.2 57.2
2019-10 59.7 54.0
2019-09 62.8 57.1
2019-08 59.0 53.1
2019-07 63.9 57.0
2019-06 64.3 56.9
2019-05 71.2 63.6
2019-04 71.2 63.4
2019-03 66.1 58.5
2019-02 64.0 56.4
2019-01 59.4 52.0
2018-12 56.5 49.8
2018-11 64.7 57.0
2018-10 81.0 70.6
2018-09 78.9 67.7
2018-08 72.5 62.8
2018-07 74.3 63.5
2018-06 74.4 63.7
2018-05 76.9 65.2
2018-04 72.0 58.7
2018-03 66.0 53.5
2018-02 65.3 52.9
2018-01 69.1 56.6
2017-12 64.4 54.4
2017-11 62.7 53.4
2017-10 57.5 48.9
2017-09 55.5 46.6
2017-08 51.9 44.0
2017-07 49.1 42.6
2017-06 47.6 42.4
2017-05 51.4 46.5
2017-04 53.8 50.1
2017-03 52.6 49.2
2017-02 56.0 52.6
2017-01 55.4 52.2
2016-12 54.9 52.1
2016-11 47.1 43.7
2016-10 51.4 46.6
2016-09 47.7 42.5
2016-08 46.8 41.8
2016-07 45.3 41.0
2016-06 48.2 43.0
2016-05 46.7 41.3
2016-04 41.6 36.7
2016-03 38.2 34.4
2016-02 32.2 29.0
2016-01 30.7 28.3
2015-12 38.0 35.0
2015-11 44.3 41.2
2015-10 48.4 43.1
2015-09 47.6 42.4
2015-08 46.6 41.9
2015-07 56.6 51.4
2015-06 61.5 54.8
2015-05 64.1 57.5
2015-04 59.5 55.4
2015-03 57.3 52.8
2015-02 58.2 51.3
2015-01 50.1 43.1
2014-12 64.2 52.2
2014-11 80.8 64.8
2014-10 88.7 70.0
2014-09 98.9 76.7
2014-08 103.5 77.7
2014-07 108.6 80.2
2014-06 111.9 82.3
2014-05 109.2 79.6
2014-04 108.0 78.1
2014-03 107.9 78.0
2014-02 108.7 79.6
2014-01 107.6 79.0
2013-12 110.7 80.7
2013-11 107.7 79.9
2013-10 109.4 80.2
2013-09 111.6 83.6
2013-08 110.1 82.8
2013-07 107.7 82.3
2013-06 102.8 78.0
2013-05 103.0 79.4
2013-04 103.8 79.5
2013-03 109.7 84.6
2013-02 116.4 87.1
2013-01 112.0 84.3

Oil (Brent)

  • Source: INSEE

Petroleum

Petroleum
prices of last month changes (in %)
M/M-1 M/M-3 M/M-12
Brent in $ per barrel 80.0 2.9 -11.7 -3.1
Brent in € per barrel 73.4 3.1 -14.5 -4.2
Gasoline cts €/L 54.4 0.8 -13.9 -14.5
Gas Oil 729.1 2.3 -14.7 -15.0
Heavy fuel 403.1 -0.8 -10.8 11.9
Naphtha 579.3 0.6 -5.9 -6.3
  • Prices are in euros per tonne unless otherwise specified
  • Source: INSEE

Industrial raw material prices in euros fell back

In January 2024, prices in euros of industrial raw materials fell back (‑0.6% after +1.0% in December), in the wake of those of minerals (‑1.0% after +1.3%): ferrous metal prices receded (‑0.6% after +4.1%), as did those for precious metals (‑2.5% after +1.5%), while those for non-ferrous metals were stable (0.0% after ‑1.2%).

Prices of agro-industrial materials recovered (+2.5% after ‑0.8%), driven by the rebound in prices of paper pulp (+2.0% after ‑2.4%) and natural rubber (+5.2% after ‑1.8%). Sawn softwood prices accelerated slightly (+2.9% after +2.0%). By contrast, prices for tropical woods slowed (+0.3% after +1.1%). Lastly, prices for natural textile fibres were virtually stable (+0.1% after +1.3%) and those for hides remained unchanged (0.0%, after ‑0.9%).

Industrial raw materials

index 2010=100
Industrial raw materials (index 2010=100)
Prices in foreign currencies Prices in euros
2024-01 107.0 129.7
2023-12 107.6 130.4
2023-11 105.6 129.1
2023-10 101.7 127.1
2023-09 102.9 127.2
2023-08 99.5 120.4
2023-07 101.2 120.9
2023-06 100.8 122.9
2023-05 99.9 121.6
2023-04 106.5 128.6
2023-03 109.0 134.8
2023-02 111.9 138.4
2023-01 112.7 138.7
2022-12 107.1 133.7
2022-11 99.5 128.7
2022-10 97.2 130.4
2022-09 100.1 133.5
2022-08 106.4 139.1
2022-07 104.7 136.4
2022-06 117.6 147.7
2022-05 124.6 156.2
2022-04 139.7 171.8
2022-03 144.9 175.1
2022-02 133.4 156.6
2022-01 127.0 149.4
2021-12 119.9 141.1
2021-11 111.6 130.0
2021-10 120.3 137.8
2021-09 117.8 133.1
2021-08 123.4 139.3
2021-07 134.6 151.4
2021-06 137.0 151.2
2021-05 140.0 153.4
2021-04 128.4 142.6
2021-03 121.4 135.7
2021-02 118.3 130.2
2021-01 115.5 126.3
2020-12 110.9 121.0
2020-11 96.9 108.6
2020-10 92.7 104.4
2020-09 94.6 106.3
2020-08 93.0 104.1
2020-07 84.4 97.4
2020-06 79.0 92.8
2020-05 73.8 89.5
2020-04 70.8 86.1
2020-03 74.6 89.2
2020-02 78.0 94.6
2020-01 82.2 98.0
2019-12 80.3 95.6
2019-11 77.7 93.0
2019-10 78.7 94.1
2019-09 80.8 97.0
2019-08 79.9 95.0
2019-07 89.0 105.1
2019-06 84.9 99.6
2019-05 83.2 98.4
2019-04 83.9 99.0
2019-03 82.1 96.4
2019-02 82.1 95.9
2019-01 76.4 88.7
2018-12 74.9 87.1
2018-11 77.1 89.7
2018-10 78.4 90.3
2018-09 76.7 87.1
2018-08 77.5 88.8
2018-07 78.4 89.0
2018-06 82.5 94.0
2018-05 83.3 93.9
2018-04 82.6 89.8
2018-03 82.1 88.7
2018-02 86.0 92.8
2018-01 85.6 93.4
2017-12 81.5 91.5
2017-11 79.9 90.4
2017-10 78.8 89.1
2017-09 80.9 90.3
2017-08 79.6 89.5
2017-07 73.9 85.1
2017-06 69.8 82.4
2017-05 71.6 85.7
2017-04 75.0 92.6
2017-03 80.6 99.8
2017-02 81.1 100.9
2017-01 76.5 95.4
2016-12 75.2 94.4
2016-11 71.6 88.0
2016-10 64.5 77.7
2016-09 63.6 75.3
2016-08 65.4 77.5
2016-07 64.3 77.1
2016-06 60.9 72.1
2016-05 61.6 72.4
2016-04 63.2 74.2
2016-03 60.7 72.8
2016-02 56.2 67.3
2016-01 53.5 65.4
2015-12 54.1 66.1
2015-11 55.9 69.3
2015-10 60.4 71.6
2015-09 62.2 73.8
2015-08 61.9 74.1
2015-07 63.5 77.1
2015-06 68.8 81.9
2015-05 70.1 83.8
2015-04 67.0 82.9
2015-03 68.1 83.8
2015-02 70.4 82.8
2015-01 73.1 84.0
2014-12 76.9 83.3
2014-11 80.2 85.8
2014-10 81.4 85.7
2014-09 83.6 86.5
2014-08 87.1 87.2
2014-07 87.4 86.1
2014-06 84.4 82.8
2014-05 85.7 83.3
2014-04 88.8 85.8
2014-03 87.3 84.3
2014-02 90.0 88.0
2014-01 92.2 90.4
2013-12 93.8 91.4
2013-11 93.3 92.3
2013-10 92.4 90.4
2013-09 92.0 92.0
2013-08 93.1 93.3
2013-07 89.3 91.1
2013-06 87.0 88.0
2013-05 90.6 93.1
2013-04 95.3 97.5
2013-03 98.6 101.3
2013-02 104.5 104.2
2013-01 102.9 103.1

Industrial raw materials

  • Source: INSEE

Food commodity prices in euros retreated

In January 2024, food commodity prices in euros retreated (‑0.8% after +0.3% in December), following the downturn in those for seafood (‑1.8% after +3.4%) and cereals (‑3.0% after +4.8%). Prices for oilseeds sharply dropped again (‑4.2% after ‑3.6%), while those for tropical commodities slackened (+0.9% after +7.2%). Conversely, meat prices bounced back (+3.0% after ‑3.3%), and those for sugar increased slightly after their sharp fall the previous month (+1.3% after ‑19.0%).

Food raw materials

index 2010=100
Food raw materials (index 2010=100)
Prices in foreign currencies Prices in euros
2024-01 160.0 173.3
2023-12 161.6 174.7
2023-11 160.7 174.3
2023-10 155.9 172.7
2023-09 155.9 171.5
2023-08 157.3 170.3
2023-07 159.0 170.1
2023-06 155.8 168.4
2023-05 154.3 166.4
2023-04 156.8 168.6
2023-03 151.3 166.5
2023-02 151.2 167.3
2023-01 147.9 163.7
2022-12 145.4 163.6
2022-11 146.0 169.4
2022-10 149.7 178.4
2022-09 151.9 181.2
2022-08 159.2 187.9
2022-07 160.7 186.7
2022-06 163.6 185.0
2022-05 164.4 186.7
2022-04 166.3 188.1
2022-03 161.7 179.8
2022-02 153.2 165.4
2022-01 149.2 161.6
2021-12 145.1 157.3
2021-11 143.8 154.9
2021-10 143.2 152.5
2021-09 140.1 146.6
2021-08 143.2 149.2
2021-07 136.3 141.7
2021-06 137.1 140.8
2021-05 139.1 141.8
2021-04 133.5 138.3
2021-03 125.6 130.3
2021-02 122.5 125.0
2021-01 118.7 120.4
2020-12 114.5 115.9
2020-11 112.5 116.4
2020-10 109.7 113.5
2020-09 107.7 111.7
2020-08 104.2 108.0
2020-07 101.5 107.6
2020-06 103.1 110.9
2020-05 106.4 117.4
2020-04 100.7 110.4
2020-03 104.7 113.4
2020-02 107.1 119.5
2020-01 108.7 120.1
2019-12 109.3 120.5
2019-11 106.7 118.0
2019-10 102.2 113.0
2019-09 101.3 112.7
2019-08 103.5 114.0
2019-07 105.9 116.6
2019-06 108.0 118.1
2019-05 105.9 116.5
2019-04 107.9 118.8
2019-03 105.5 115.3
2019-02 107.3 116.9
2019-01 107.9 117.0
2018-12 106.3 115.4
2018-11 107.7 117.6
2018-10 108.9 118.3
2018-09 104.0 111.2
2018-08 106.1 114.5
2018-07 112.1 120.0
2018-06 116.6 124.9
2018-05 116.4 123.2
2018-04 115.0 117.9
2018-03 115.4 118.0
2018-02 112.3 114.5
2018-01 110.0 113.3
2017-12 109.0 114.7
2017-11 111.4 118.6
2017-10 111.6 119.1
2017-09 112.7 119.2
2017-08 117.4 125.2
2017-07 120.6 130.9
2017-06 119.3 131.8
2017-05 117.3 131.6
2017-04 114.9 132.6
2017-03 118.0 136.9
2017-02 118.4 138.6
2017-01 119.0 139.1
2016-12 114.8 134.6
2016-11 117.5 135.0
2016-10 115.0 130.4
2016-09 114.4 127.5
2016-08 115.1 128.0
2016-07 118.4 132.7
2016-06 117.7 130.7
2016-05 111.4 123.0
2016-04 109.5 120.6
2016-03 105.8 118.3
2016-02 104.0 116.1
2016-01 103.8 117.8
2015-12 104.5 118.7
2015-11 104.8 120.8
2015-10 106.6 118.6
2015-09 105.7 117.7
2015-08 107.7 120.9
2015-07 108.1 123.3
2015-06 107.7 121.3
2015-05 106.5 121.0
2015-04 107.2 125.1
2015-03 107.7 124.7
2015-02 110.7 124.1
2015-01 113.3 123.8
2014-12 114.4 119.2
2014-11 116.2 121.1
2014-10 117.3 121.0
2014-09 116.5 118.8
2014-08 118.9 117.8
2014-07 120.3 117.2
2014-06 121.4 118.3
2014-05 124.2 120.0
2014-04 127.1 122.0
2014-03 126.2 121.0
2014-02 119.2 115.2
2014-01 113.2 109.7
2013-12 111.9 107.7
2013-11 110.7 108.3
2013-10 110.0 106.9
2013-09 110.7 109.9
2013-08 111.9 111.4
2013-07 115.3 116.5
2013-06 116.0 117.0
2013-05 114.3 117.4
2013-04 111.2 114.0
2013-03 110.1 113.4
2013-02 107.9 108.6
2013-01 106.2 107.4

Food raw materials

  • Source: INSEE

Imported raw materials (excluding energy) in euros

index 2010=100
Imported raw materials (excluding energy) in euros (index 2010=100)
Index of last month changes (in %)
M/M-1 M/M-3 M/M-12
Food total 173.3 -0.8 0.4 5.9
Tropical foodstuffs 183.0 0.9 16.0 39.6
Oilseeds, vegetable oils 161.5 -4.2 -6.3 -10.4
Cereals 159.6 -3.0 -0.9 -0.2
Sugar 123.8 1.3 -18.6 12.0
Meat 173.6 3.0 -3.2 5.0
Seafood products 154.5 -1.8 1.4 -1.2
Industrial raw materials 129.7 -0.6 2.0 -6.5
 Agricultural raw materials 119.7 2.5 -0.9 -12.3
   Natural textile fibres 118.1 0.1 -3.9 -7.8
   Natural rubber 55.0 5.2 2.7 8.5
   Hides 43.7 0.0 -3.1 -5.7
   Wood pulp 136.0 2.0 -6.0 -27.1
   Tropical wood 99.0 0.3 1.1 2.7
   Sawn softwood 229.3 2.9 8.8 7.4
 Minerals 129.1 -1.0 2.5 -5.6
   Ferrous metals 120.6 -0.6 10.7 10.2
   Non-ferrous metals 124.5 0.0 -2.7 -16.6
   Precious metals 166.5 -2.5 0.1 -1.7
All commodities 149.2 -0.7 1.1 -0.3
  • Source: INSEE

For further information

The relevant time series and a user guide are available at the bottom of this page.

Crude oil: from 1986, the price of Brent gradually established as a representative reference price of European supplies.

Petroleum: prices of oil products are monthly averages.

Indices of non-energy raw materials imported by France: the indices calculated by INSEE are monthly averages of raw material prices, weighted by their share in the French imports of raw materials (2010 = 100).

Next issue: 22 March 2024 at 12.00 pm.

Pour en savoir plus

The relevant time series and a user guide are available at the bottom of this page.

Crude oil: from 1986, the price of Brent gradually established as a representative reference price of European supplies.

Petroleum: prices of oil products are monthly averages.

Indices of non-energy raw materials imported by France: the indices calculated by INSEE are monthly averages of raw material prices, weighted by their share in the French imports of raw materials (2010 = 100).

Next issue: 22 March 2024 at 12.00 pm.

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