Informations Rapides · 29 November 2024 · n° 303

In Q3 2024, services producer prices rose by 0.7% over a quarter and by 2.9% over a year Services producer price indices - third quarter 2024

In the third quarter of 2024, producer prices of services decelerated over a quarter (+0.7% after +1.7%). Prices of services sold to home businesses slowed sharply (+0.2% after +1.3%) as did, to a lesser extent, those of services sold to households in France (+1.4% after +1.9%). On the other hand, producer prices of services sold on foreign markets continued to accelerate (+2.8% in the third quarter after +2.5% in the second quarter and +2.2% in the first quarter of 2024).

Over a year, overall producer prices of services accelerated also in the third quarter of 2024 (+2.9% after +2.4% in the second quarter of 2024). They were 8.9% above their Q3 2021 level.

In the third quarter of 2024, producer prices of services sold to home businesses slowed sharply over a quarter (+0.2% after +1.3%) and continued to rise over a year (+2.5% as in the second quarter).

In the third quarter of 2024, prices of information and communication services fell back over a quarter (-0.7% after +1.8%), due to the seasonal fall of television programming and broadcasting services prices (-8.7% after +30.8%) and of motion picture, video and television programme production services prices (-1.1% after +0.2%). Over a year, prices for information and communication services continued to rise (+2.4%, as in the second quarter of 2024). These prices were 5.2% above their Q3 2021 level.

In the third quarter of 2024, prices of transportation and storage services slowed down over a quarter (+0.6% after +1.4%). Over a year, they decelerated slightly (+2.4% after +2.6% in the second quarter of 2024). They were 12.1% above their Q3 2021 level.

In the third quarter of 2024, prices of accommodation and food services accelerated slightly over a quarter (+4.0% after +3.4%), mainly because of the sharp seasonal rise in prices for hotels and similar accommodation services which continued after the seasonal rebound (+10.6% after +9.1%), mainly due to the Paris Olympic and Paralympic Games. Over a year, prices of accommodation and food services accelerated sharply (+6.0% after +1.7% in second quarter of 2024). They were 20.9% above their Q3 2021 level.

In the third quarter of 2024, prices of real estate services decelerated over a quarter (+0.3% after +1.5%): on one side, prices of renting and operating of own or leased real estate were virtually stable (+0.1% after +1.6%) and, on the other side, prices of real estate agency services on a fee or contract basis rebounded (+3.5% after -1.1%). Over a year, prices for real estate activities accelerated slightly (+4.3% after +4.0% in the second quarter of 2024). These prices were 11.8% above their Q3 2021 level.

In the third quarter of 2024, the prices of administrative and support services are virtually stable (-0.1% on a quarter after +1.0%), after fourteen consecutive quarter of growth, mainly due to fall of temporary employment agency services prices (-1.1% after +1.8%). Over a year, prices of administrative and support services continued to decelerate (+2.2% after +2.7% in the second quarter of 2024 and +3.3% in the third quarter of 2024). They were 11.8% above their Q3 2021 level.

In the third quarter of 2024, prices of professional, scientific and technical services are stable over a quarter (after +0.8% as in the second quarter of 2024). The fall in prices of other professional, scientific and technical activities (-0.7% after +2.2%) was offset by a further rise in prices of legal, accounting, management, architecture, engineering, technical testing and analysis activities (+0.2% after +0.5%). Over a year, prices of professional, scientific and technical services decelerated slightly in the third quarter of 2024 (+1.9% after +2.1% in the second quarter of 2024 and +2.2% in the first quarter of 2024). They were 8.1% above their Q3 2021 level.

In the third quarter of 2024, producer prices of services sold to households in France decelerated over a quarter (+1.4% after +1.9%), driven in particular by transportation and storage services (+3.0% after +4.4%). Prices of administrative and support services also slowed down (+1.9% after +2.4%), as did prices for real estate services (+0.3% after +0.8%). Prices for information and communication services fell back (-1.7% after +2.2%) and those for professional, scientific and technical services remained on a downward trend (-0.5% after -0.8%), driven by prices of legal activities.

Producer prices of services sold to households in France accelerated over a year in the third quarter of 2024 (+2.2% after +1.5%) and were 9.1% above their Q3 2021 level.

In the third quarter of 2024, producer prices of exported services accelerated (+2.8% after +2.5%), due to the acceleration of prices for transportation and storage services (+7.5% after +5.3%) driven by the sharp increase in prices of sea and coastal freight water transport services (+14.5% after +7.3%). Prices of information and communication services fell back (-0.9% after +1.4%) as did those of administrative and support services (-0.2% after +0.8% in the second quarter of 2024). Prices of professional, scientific and technical services rose at the same rate as in the previous quarter (+0.4%).

Over a year, producer prices for exported services accelerated sharply in the third quarter of 2024 (+6.4% after +3.3% in the second quarter). These were 3.5% above their Q3 2021 level.

The variation of the producer price index for services sold on all markets between the first quarter 2024 and the second quarter 2024 is revised upwards by 0.2 points: it stands at +1.7%.