Informations Rapides · 29 February 2024 · n° 51

In January 2024 the industrial producer prices went down by 0.8% over a month and by 4.4% over a year Industrial Producer and Import Price Indices - January 2024

In January 2024, the overall producer prices in the French industry fell again over a month (-0.8% after -0.3% in December), as did those for products sold on the home market (-1.3% after -0.1% in the previous month). Conversely, prices for products intended for foreign markets were back on the rise (+0.5% after -1.0%). Over a year, the industrial producer prices fell again (-4.4% after -2.0%).

Excluding energy, the producer prices in the French industry were almost unchanged over a month (+0.1% in January 2024 after -0.2% in December) and fell back over a year (-1.1% after +0.2%).

In January 2024, the producer prices in the French industry for the home market fell down markedly over a month (-1.3% after -0.1%). Prices of mining and quarrying products, energy and water fell back (-3.9% after +0.9%) while those of manufactured products were stable (0.0% after -0.6% in December). Over a year, the producer prices in the French industry for the home market fell again (-5.1% after -1.3% in December). However, they were 30% above their 2021 average level.

In January 2024, the prices of mining and quarrying products, energy and water fell back over a month (-3.9% after +0.9%) driven down by those of production and trade of electricity (-5.7% after +1.9%). Over a year, the prices of mining and quarrying products, energy and water went down significantly (-10.5% after -2.0%) but were however 64% above their 2021 average level.

In January 2024, food and beverage prices fell back over a month (-0.4% after +0.1% in December); they were driven by the drop of prices for meat and poultry meat products (-2.7% after -0.2%) and of starches and starch products (-15.3% after -4.3%), where supply exceeded demand for sugar derivatives. Conversely, prices for processed coffee and tea accelerated sharply (+8.0% after +0.7%) due to falling stocks and uncertainty about the El Niño weather phenomenon.

Over a year, food and beverage prices were almost unchanged (+0.1% after +2.4%), after having risen uninterruptedly since March 2021. They were 25% above their 2021 average level.

In the wake of oil prices, the prices of refined petroleum products recovered slightly over a month (+1.9% after -7.3% in December). Over a year, they dropped for the eleventh consecutive month (-12.3% after -11.2%) but were still 42% above their 2021 average level.

In January 2024, the prices of the “other industrial products” were almost unchanged over a month (-0.1% after -0.3% in December). Prices for chemicals and chemical products fell (-2.3% after -1.4%); conversely those of repair and installation of machinery and equipment accelerated (+1.1% after +0.2%), as prices for a number of services were updated in January.

Over a year, the prices of the “other industrial products” kept going down for the ninth consecutive month (-3.3% in January after -2.2% in December). They stood 14% above their 2021 average level.

In January 2024, the prices of electrical, computer and electronic equipment and machinery rose over a month (+0.4% after remaining stable in the previous month), due to a rise in prices of the manufacture of “machinery and equipment non elsewhere classified” (+0.8% after a stability in December), as suppliers updated their prices to take account of rising raw material and labour costs. Over a year, the prices of electrical, computer and electronic equipment and machinery slowed down (+2.0% after +3.5%) and stood 13% above their 2021 average level.

In January 2024, transport equipment prices rose slightly over a month (+0.2% after -0.4% in December). Over a year they fell again (-0.5% after -0.3%), but were nonetheless 14% above their 2021 average level.

In January 2024, the industrial producer prices for the foreign markets rebounded over a month (+0.5% after -1.0%). The prices of mining and quarrying products, energy and water accelerated sharply, due to the strong rise in electricity prices. Those of manufactured products rose as well but at a more moderate pace (+0.3% after -0.4% in December). Prices of refined petroleum products rebounded (+3.5% after -6.8% in December). Conversely, those of food and beverages continued to fall (-1.1% after -0.5% in December).

Over a year, the producer prices in the French industry for the foreign markets went down for the tenth consecutive month (-2.2% after -4.1% in the previous month). They stood 14% above their 2021 average level.

In January 2024, the import prices of industrial products were stable over a month (0.0% after -0.9% in December). The prices of mining and quarrying products, energy and water kept falling, in particular those of natural gas, while those of manufactured products recovered (+0.4% after -0.4% in December). Especially, prices of “other industrial products” rebounded (+0.5% after -0.2% in December), in particular those of “other basic organic chemicals” (+13.2% after -3.8%) as a result of revaluations at the beginning of the year.

Over a year, import prices of industrial products kept falling for the eleventh consecutive month in January 2024 (-5.0% after -7.2% in December). However, they were 13% above their 2021 average level.

The monthly variation of the producer price index in the French industry in December 2023 has been revised downwards by 0.1 points compared to the previous release, due to late responses: it stands at -0.3%.

The monthly change in the industrial producer prices for the foreign markets in October 2023 has been revised upwards by 0.3 points (+0.1% instead of -0.2%), after taking into account consolidated data on air and spacecraft and related machinery.

The monthly change in the import prices of industrial products in December 2023 has been revised upwards by 0.3 points (-0.9% instead of -1.2%), after taking into account late responses on jewellery and related articles and those on basic iron and steel and of ferro-alloys.