Informations Rapides · 29 March 2024 · n° 80

In 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%).

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.

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.

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.

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.

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.

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.

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.

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%.