Informations Rapides · 31 October 2024 · n° 271

In September 2024, the industrial producer prices fell by 0.2% over a month and by 5.8% over a year Industrial Producer and Import Price Indices - September 2024

In September 2024, the overall producer prices in the French industry declined slightly over a month (-0.2% after +0.1% in August and +0.2% in July). Producer prices were almost stable for products sold on the French market (-0.1% after +0.3%) and continued to decrease for those intended for the foreign markets (-0.4% after -0.3% in August). Over a year, the French industrial producer prices were down for the fifteenth consecutive month (-5.8% after -5.1% in August and -4.3% in July). They were 18% above their 2021 average level.

Excluding energy, the producer prices in the French industry were nearly stable over a month (-0.1% after stability in August) and were also nearly stable over a year (-0.1% in September after +0.2% in August).

In September 2024, the producer prices in the French industry for the home market were almost stable over a month (-0.1% after +0.3% in August). Prices of mining and quarrying products, energy and water products slowed down (+1.2% after +2.0%), while those of manufactured products continued to fall (-0.5% after -0.4%). Over a year, the producer prices in the French industry for the home market fell for the tenth consecutive month (-7.0% after -6.3% in August and -5.7% in July). They were about 20% above their 2021 average level.

In September 2024, prices of refined petroleum products dropped sharply again (-9.1% after -8.8% in August) due to falling oil prices, reaching levels not seen since late 2021. Over a year, they dropped by 31.7% (after -18.8% in August) but were still approximately 19% above their 2021 average level.

Prices of “other industrial products” decreased slightly over a month (-0.2% after +0.1% in August), driven by the decline in those for tubes, pipes, hollow profiles and related fittings, of steel (-2.0% after +0.6%). Prices of “other industrial products” remained about 15% above their 2021 average level.

In September 2024, prices for mining and quarrying products, energy and water continued to rise but at a slower pace (+1.2% after +2.0% in August): they followed those of electricity and gas. Over a year, prices of mining and quarrying products, energy and water declined for the tenth consecutive month (-17.6% as in August) but were around 26% above their 2021 average level.

Prices of electrical, computer and electronic equipment and machinery rose over a month in September 2024 (+0.5% after +0.1%), in line with those of electrical equipment (+1.4% after a stability in August). Prices of electrical, computer and electronic equipment and machinery were around 15% above their 2021 average level.

Prices for food and beverage were almost stable over a month (-0.1% after +0.2% in August): prices of meat and slaughter products decreased again (-1.2% after -1.1%), in a context of falling consumer demand, while prices of oils and fats rebounded (+2.1% after -0.7%), because of heavy rains in Western Europe affecting notably sunflower seed harvests. Prices of food and beverages were around 26% above their 2021 average level.

In September 2024, transport equipment prices were stable (after -0.2% in August): prices for bicycles and invalid carriages decreased (-1.5% after +0.8%) while prices of bodies (coachwork) for motor vehicles, trailers and semi-trailers continued to rise slightly (+0.3% after +0.8% in August and +0.2% in July). Prices for transport equipment were about 14% above their 2021 average level.

In September 2024, the industrial producer prices for the foreign markets continued to drop over a month (-0.4% after -0.3% in August). Prices of manufactured products decreased (-0.5% after -0.4% in August), while prices of mining and quarrying products, energy and water slowed down in September, after a sharp rebound in August.

Prices of refined petroleum products fell down again (-9.3% after -6.2%) as oil prices continued to fall. Prices of “other industrial products” fell over a month (-0.4% after being stable in August), driven down by falling prices of pesticides and other agrochemical products (-14.6% after +21.6%). Transport equipment prices also fell slightly (-0.3% after -0.6%), in line with prices for air and spacecraft and related machinery (-0.4% after -0.9%).

Prices of electrical, computer, and electronic equipment and machinery increased slightly over a month (+0.3% after -0.1%), while food and beverages prices were almost stable in September (-0.1% after being stable in August).

Over a year, the industrial producer prices for the foreign markets decreased again (-2.1% in September after -1.0% in August). They were around 13% above their 2021 average level.

In September 2024, the import prices of industrial products continued to fall (-0.6% after -0.4% in August). Prices of manufactured products went down (-0.4% as in August), as did those of mining and quarrying products, energy and water.

Prices of refined petroleum products dropped again (-5.6% after -6.7% in August). Prices of “other industrial products” decreased slightly (-0.2% after -0.1%), as did those for electrical, computer, and electronic equipment and machinery (-0.3% after -0.2%).

Conversely, food and beverages prices accelerated (+0.6% after +0.3%), driven by higher prices for cocoa, chocolate and sugar confectionery (+4.7% after -0.8%) in a context of a cocoa supply shortage.

Lastly, prices of transport equipment were nearly stable over a month (-0.1% after -0.3% in August).

Over a year, the drop in the import prices of industrial products intensified in September 2024 (-3.0% after -1.1% in August). They were around 11% above their 2021 average level.

The evolution of the producer price index in the French industry for the home market between July 2024 and August 2024 has been revised upwards by 0.1 points: published in late September 2024 at +0.2%, it stands now at +0.3%.