Insee
Informations Rapides · 29 March 2024 · n° 80
Informations rapidesIn February 2024, the industrial producer prices went down by 1.3% over a month and by 4.8% over a year Industrial Producer and Import Price Indices - February 2024

In February 2024, the overall producer prices in the French industry fell again over a month (-1.3% after -0.6% in January) as did those sold on the home market (-1.7% after -1.0% in the previous month). The prices for products for the foreign markets were virtually stable (+0.1% after +0.3%). Over a year, the French industrial producer prices were down for the third consecutive month (-4.8% after -4.3% in January and -2.0% in December).

Excluding energy, the producer prices in the French industry were almost unchanged over a month (+0.1% in February 2024, as in January) and were down again over a year (-1.2% after -1.1%).

Informations rapides
No 80
Paru le :Paru le29/03/2024
Prochaine parution le : 29/11/2024 at 08:45 - October 2024

Total Industry price indices

Total Industry price indices
PPI for all markets PPI for home market PPI for foreign markets Import prices
2024-02 123.9 128.0 113.7 112.7
2024-01 125.5 130.2 113.6 112.6
2023-12 126.3 131.5 113.3 112.7
2023-11 126.7 131.7 114.3 113.7
2023-10 124.8 128.7 115.2 114.9
2023-09 125.1 129.1 115.1 114.7
2023-08 124.3 128.3 114.4 113.2
2023-07 123.2 127.2 113.1 111.8
2023-06 123.6 127.5 113.8 111.9
2023-05 124.5 129.0 113.2 112.8
2023-04 126.3 130.9 114.6 115.6
2023-03 131.6 138.0 115.6 116.7
2023-02 130.1 135.5 116.5 118.6
2023-01 131.1 136.9 116.4 118.5
2022-12 128.9 133.3 118.1 121.3
2022-11 127.6 131.6 117.6 122.5
2022-10 127.0 130.7 117.7 123.2
2022-09 128.5 131.0 122.1 124.9
2022-08 128.2 129.7 124.3 128.8
2022-07 125.0 126.1 122.3 127.1
2022-06 122.3 123.7 118.9 126.3
2022-05 120.4 122.1 116.3 125.8
2022-04 120.3 122.4 114.9 125.3
2022-03 120.3 122.4 115.1 127.0
2022-02 114.7 117.0 109.0 117.4
2022-01 114.0 116.0 108.9 116.4
2021-12 109.7 110.6 107.6 111.7
2021-11 108.1 108.9 106.1 109.7
2021-10 104.6 104.8 104.2 107.3
2021-09 101.8 101.7 102.2 103.9
2021-08 100.1 100.0 100.5 100.9
2021-07 99.0 98.8 99.5 99.8
2021-06 97.6 97.3 98.6 97.7
2021-05 96.4 96.0 97.4 96.2
2021-04 96.1 95.6 97.2 94.6
2021-03 96.4 96.3 96.4 93.7
2021-02 95.4 95.4 95.5 93.0
2021-01 94.6 94.5 94.8 91.5

Total Industry price indices

  • Source: INSEE

Producer prices in the French industry: -1.3%

In February 2024, the overall producer prices in the French industry fell again over a month (-1.3% after -0.6% in January) as did those sold on the home market (-1.7% after -1.0% in the previous month). The prices for products for the foreign markets were virtually stable (+0.1% after +0.3%). Over a year, the French industrial producer prices were down for the third consecutive month (-4.8% after -4.3% in January and -2.0% in December).

Excluding energy, the producer prices in the French industry were almost unchanged over a month (+0.1% in February 2024, as in January) and were down again over a year (-1.2% after -1.1%).

HOME MARKET: -1.7%

In February 2024, the producer prices in the French industry for the home market continued to fall over one month (-1.7% after -1.0%). The fall in prices for mining, energy and water products intensified (-6.1% after -3.2%), while the prices of manufactured products accelerated (+0.4% after +0.1% in January). Over a year, the producer prices in the French industry for the home market fell for the third consecutive month (-5.5% after -4.9% in January 2024 and -1.4% in December 2023). They were 28% above their 2021 average level.

Fall of prices of mining and quarrying products, energy and water

In February 2024, the prices for mining, energy and water products were down again over one month (-6.1% after -3.2%), driven down by those of production and trade of electricity (-10.1% after -5.1%). Over a year, the producer prices in the French industry for the home market fell for the seventh consecutive month (-13.4% after -10.0% in January 2024) but were nonetheless 54% above their 2021 average level.

Acceleration of refined petroleum product prices

In the wake of oil prices, the prices of refined petroleum products accelerated over a month (+7.7% after +2.0% in January). Over a year, they were back on the rise after eleven consecutive months of decline (+1.9% after -12.2%) but were still 53% above their 2021 average level.

French Producer Price Indices of coke and refined petroleum products sold on the home market

French Producer Price Indices of coke and refined petroleum products sold on the home market
Producer price indices of coke and refined petroleum products sold on the French market
2024-02 152.9
2024-01 142.0
2023-12 139.2
2023-11 150.1
2023-10 159.7
2023-09 174.5
2023-08 161.4
2023-07 142.4
2023-06 133.6
2023-05 130.7
2023-04 140.6
2023-03 147.6
2023-02 150.0
2023-01 161.8
2022-12 156.8
2022-11 179.1
2022-10 205.2
2022-09 184.0
2022-08 187.4
2022-07 204.5
2022-06 230.5
2022-05 204.7
2022-04 187.3
2022-03 188.8
2022-02 145.6
2022-01 131.4
2021-12 114.0
2021-11 120.6
2021-10 122.8
2021-09 107.6
2021-08 103.8
2021-07 103.0
2021-06 98.7
2021-05 91.7
2021-04 88.7
2021-03 89.5
2021-02 84.2
2021-01 75.5

French Producer Price Indices of coke and refined petroleum products sold on the home market

  • Source: INSEE

Virtual stability of prices of food and beverages, of electrical, computer and electronic equipment and machinery, and of transport equipment

In February 2024, food and beverage prices were virtually stable over a month (-0.1% after -0.4% in January). Prices of meat and poultry meat products (-1.3% after -2.6%) and farm animal feed (-1.5% after -0.7%) were still on a downward trend due to lower input prices, while the prices of cacao, chocolate and sugar confectionery were up sharply (+4.7% after +1.3%) due to soaring cocoa prices linked to poor weather conditions. Over a year, food and beverage prices fell back (-1.1% after +0.1%). They were 25% above their 2021 average level.

In February 2024, transport equipment prices were also virtually stable over one month (+0.1% after +0.2% in January). Over a year, they were down again (-0.3% after -0.4% in January 2024), but were still 14% above their average level in 2021.

In February 2024, prices of electrical, computer and electronic equipment and machinery were virtually stable over a month (+0.1% after +0.5%), given that the rise of prices of electricity distribution and control apparatus (+2.0% after +1.5%) was offset by the fall of those of electronic components (-0.9% after +0.3%) and of non-domestic cooling and ventilation equipment (-1.3% after +0.9%). Prices of electrical, computer and electronic equipment and machinery continued to slow down over a year (+1.4% after +2.2%) and were 14 % above their 2021 average level.

Stability of the prices of the “other industrial products”

In February 2024, the prices of the “other industrial products” were stable over a month (after +0.1% in January). Over a year, prices of the “other industrial products” were down for the tenth consecutive month (-2.9% in February after -3.1% in January). They were still 14% above their 2021 average level.

French Producer Price Indices of manufactured products sold on the home market

French Producer Price Indices of manufactured products sold on the home market
C1 C3 C4 C5
2024-02 125.1 113.9 114.1 114.4
2024-01 125.2 113.8 114.0 114.4
2023-12 125.7 113.2 113.8 114.3
2023-11 125.5 113.2 114.2 114.7
2023-10 126.1 113.3 114.5 115.0
2023-09 126.7 113.1 115.1 115.0
2023-08 127.4 112.9 115.2 115.3
2023-07 128.5 113.3 115.1 115.0
2023-06 128.9 113.3 114.8 115.6
2023-05 129.7 113.1 114.5 115.8
2023-04 130.1 112.7 114.9 116.8
2023-03 129.2 112.6 114.7 117.7
2023-02 126.5 112.3 114.5 117.8
2023-01 125.1 111.3 114.5 118.1
2022-12 122.7 109.3 114.0 116.9
2022-11 122.6 109.3 112.0 117.6
2022-10 121.6 109.0 110.0 117.8
2022-09 120.1 108.5 108.3 117.6
2022-08 119.8 108.1 107.1 117.5
2022-07 118.7 107.7 106.7 117.3
2022-06 116.5 107.2 105.7 117.0
2022-05 115.0 106.6 104.9 116.2
2022-04 112.8 106.0 104.0 114.9
2022-03 108.9 105.3 103.7 111.8
2022-02 105.2 104.7 103.2 109.6
2022-01 104.3 103.8 102.9 108.5
2021-12 102.7 102.4 102.6 105.2
2021-11 101.6 101.8 101.8 104.7
2021-10 100.8 101.4 101.2 103.6
2021-09 100.4 100.9 100.6 102.4
2021-08 100.2 100.4 100.2 101.5
2021-07 100.2 100.1 100.0 100.5
2021-06 99.9 99.5 99.5 99.2
2021-05 99.9 99.0 99.2 98.4
2021-04 99.3 98.9 98.9 97.6
2021-03 98.9 98.9 98.8 96.5
2021-02 98.1 98.5 98.7 95.7
2021-01 98.0 98.3 98.5 94.8
  • Legend: C1: Food products, beverages and tobacco products - C3: Electrical, electronic, computer equipments; machinery - C4: Transport equipment - C5: Other industrial products

French Producer Price Indices of manufactured products sold on the home market

  • Legend: C1: Food products, beverages and tobacco products - C3: Electrical, electronic, computer equipments; machinery - C4: Transport equipment - C5: Other industrial products
  • Source: INSEE

FOREIGN MARKETS: +0.1%

In February 2024, the industrial producer prices for the foreign markets were virtually stable over a month (+0.1% after +0.3%). The prices of mining and quarrying products, energy and water fell substantially due to the drop in electricity prices; those of manufactured products rose by 0.4% (after +0.1% in January). Prices of refined petroleum products accelerated (+6.8% after +3.5%) and those for “other industrial products” rebounded (+0.4% after -0.4%). By contrast, those of food and beverages were virtually stable after four consecutive months of fall (-0.1% after -0.9%).

Over a year, export prices for the French industrial products fell for the eleventh consecutive month (-2.4%, as in the previous month). They were still 14% above their average level in 2021.

French Producer Price Indices in industry according to the market where the products are sold

reference year:2021
French Producer Price Indices in industry according to the market where the products are sold (reference year:2021)
Changes in %
over a month over a year
Levels A 10 and A 17 in CPF rev. 2 Weight Feb.24 Feb.24 / Jan.24 Jan.24 / Dec.23 Feb.24 / Feb.23 Jan.24 / Jan.23
Home market
BE: TOTAL INDUSTRY 728 128.0 -1.7 -1.0 -5.5 -4.9
(DE) Mining and quarrying, energy, water 185 154.3 -6.1 -3.2 -13.4 -10.0
CZ: Manufactured products 543 118.9 0.4 0.1 -1.5 -2.1
  (C1) Food products, beverages, tobacco 135 125.1 -0.1 -0.4 -1.1 0.1
  (C2) Coke and refined petroleum products 25 152.9 7.7 2.0 1.9 -12.2
  (C3) Electrical & electronic equip., computers, mach. 50 113.9 0.1 0.5 1.4 2.2
  (C4) Transport equipment 89 114.1 0.1 0.2 -0.3 -0.4
  (C5) Other manufactured products 244 114.4 0.0 0.1 -2.9 -3.1
Foreign markets
BE: TOTAL INDUSTRY 272 113.7 0.1 0.3 -2.4 -2.4
CZ: Manufactured products s 115.5 0.4 0.1 -0.5 -0.9
  (C1) Food products, beverages, tobacco 30 126.3 -0.1 -0.9 -4.5 -4.3
  (C2) Coke and refined petroleum products 7 143.7 6.8 3.5 -1.5 -9.4
  (C3) Electrical & electronic equip., computers, mach. 38 111.1 0.0 0.3 1.0 1.4
  (C4) Transport equipment 74 115.4 0.4 0.8 4.9 5.3
  (C5) Other manufactured products s 113.1 0.4 -0.4 -3.5 -4.2
All markets
BE: TOTAL INDUSTRY 1000 123.9 -1.3 -0.6 -4.8 -4.3
CZ: Manufactured products s 117.8 0.4 0.2 -1.2 -1.7
  (C1) Food products, beverages, tobacco 165 125.3 -0.1 -0.5 -1.7 -0.7
  (C2) Coke and refined petroleum products 32 151.2 7.5 2.3 1.3 -11.7
  (C3) Electrical & electronic equip., computers, mach. 88 112.7 0.0 0.4 1.3 1.9
  (C4) Transport equipment 163 114.7 0.2 0.5 2.4 2.7
  (C5) Other manufactured products s 114.0 0.2 -0.1 -3.1 -3.5
  • s: confidential
  • Source: INSEE.

Import prices of industrial products: +0.1%

In February 2024, the import prices of industrial products were virtually stable over a month (+0.1% after -0.1% in January). The prices of mining and quarrying products, energy and water kept falling, in particular those of natural gas. Those of manufactured products rose again (+0.4% after +0.3%). Prices of refined petroleum products accelerated sharply (+6.6 % after +2.1%) while those of the “other industrial products” decelerated (+0.2% after +0.4%), due to the deceleration in chemical product prices (+1.0% after +3.1%); those of electrical, computer and electronic equipment and machinery fell back (-0.5 % after +0.1%).

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

Import prices of industrial products

reference year: 2021
Import prices of industrial products (reference year: 2021)
Changes in %
over a month over a year
Levels A 10 and A 17 in CPF rev. 2 Weight Feb.24 Feb.24 / Jan.24 Jan.24 / Dec.23 Feb.24 / Feb.23 Jan.24 / Jan.23
BE: TOTAL INDUSTRY 1000 112.7 0.1 -0.1 -5.0 -5.0
CZ: Manufactured products s 112.3 0.4 0.3 -1.7 -2.5
  (C1) Food products, beverages, tobacco 75 120.8 -0.1 -0.8 0.0 0.1
  (C2) Coke and refined petroleum products 45 145.5 6.6 2.1 -1.8 -14.2
  (C3) Electrical & electronic equip., computers, mach. 218 107.7 -0.5 0.1 -0.5 0.1
  (C4) Transport equipment 162 113.6 0.1 0.0 3.1 3.4
  (C5) Other manufactured products s 109.2 0.2 0.4 -4.5 -5.1
  • s: confidential
  • Source: INSEE.

Revisions

The monthly variation of the producer price index in the French industry in January 2024 has been revised upwards by 0.2 points compared to the previous release: it stands at -0.6%.

Revision of variations

In %
Revision of variations (In %) - How to read it: the variation of the producer price index in industry for products sold on the home market between December 2023 and January 2024 has been revised by 0.3 points: published in February 2024 equal to -1.3%, it has been updated to -1.0%.
Jan.24 / Dec.23 Dec.23 / Nov. 23 Nov.23 / Oct. 23
French producer prices in industry sold on:
  - the home market 0.3 -0.1 //
  - the foreign markets -0.2 0.1 //
   - all markets 0.2 // //
Import prices of industrial products -0.1 // 0.1
  • //: unrevised evolution (after rounding)
  • How to read it: the variation of the producer price index in industry for products sold on the home market between December 2023 and January 2024 has been revised by 0.3 points: published in February 2024 equal to -1.3%, it has been updated to -1.0%.
  • Source: INSEE

For further information

Definition–The producer price indices in industry measure the change of producer prices of goods and services, linked to a given industrial activity and sold on the home market or on the foreign markets. The import price indices of industrial products measure the change of transaction prices of goods and services purchased by economic agents established on French territory to non-resident agents.

Calculation method–They are calculated on the basis of the results of the survey “Observation of prices in industry and services” (OPISE), which is operated by INSEE.

Further information (simplified and detailed methodology notes, classification, etc.) are available in the tab “Documentation” of this publication webpage.

Next publication: 30 April 2024 at 8:45 am.

Pour en savoir plus

Definition–The producer price indices in industry measure the change of producer prices of goods and services, linked to a given industrial activity and sold on the home market or on the foreign markets. The import price indices of industrial products measure the change of transaction prices of goods and services purchased by economic agents established on French territory to non-resident agents.

Calculation method–They are calculated on the basis of the results of the survey “Observation of prices in industry and services” (OPISE), which is operated by INSEE.

Further information (simplified and detailed methodology notes, classification, etc.) are available in the tab “Documentation” of this publication webpage.

Next publication: 30 April 2024 at 8:45 am.

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