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August 2022: Industrial producer prices in France rose by 2.3% over a month, by 27.7% over a year

Christian Fernsby |
In August 2022, the industrial producer prices kept rising over a month (+2.3% after +2.2%), both for products intended for the home market (+2.7% after +1.9%) and for those sold on the foreign markets (+1.4% after +2.7%).

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Over a year, the industrial producer prices continued to go up strongly: +27.7% in August 2022 (after +26.2%). Industrial producer prices were 36% above their 2019 average level.

HOME MARKET: +2.7%

In August 2022, the industrial producer prices for the home market sped up over a month (+2.7% after +1.9% in July) due to the acceleration of those of mining and quarrying products, energy and water (+10.1% after +8.3%), while the prices of manufactured products continued to fall back (-0.5% like in July). Over a year, the rise of the industrial producer prices for the home market remained strong: +29.5% (after +27.6%). Prices are 38% above their 2019 average level.

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

In August 2022, the prices of mining and quarrying products, energy and water sped up over a month (+10.1% after +8.3% in July 2022) as over a year (+63.8% after +53.7%). They are 86% above their 2019 average level. Trade services of gas through mains prices sped up sharply (+28.0% after +10.5%), those of electricity production and trade continued to rise strongly (+8.2% after +12.8%).

Drop of refined petroleum product prices

In the wake of crude oil prices, and for the second consecutive month, the prices of refined petroleum products went down in August 2022 (-8.9% after -11.3%) and decelerated over a year (+79.5% after +98.5%). They, however, remained very high: about +85% above their 2019 average level.

In August 2022, the food and beverage prices kept rising over a month (+1.0% after +1.6%) due to the rise in the production cost (raw materials). Prices for bread, fresh pastry goods and cakes accelerated sharply (+2.9% after +1.5%) while those of the dairy and cheese products decelerated (+1,6% after +4,1%), as well as those of meat and meat products (+1.6% after +1.9%).

On the contrary, those of oils and fats fell down strongly (-7.4% after -4.8%). Over a year, the rise of food and beverage prices kept growing, reaching 19.3% in August 2022 (after +18.0% in July 2022 and +16.5% in June 2022). Those prices were 23% above their 2019 average level.

Moderate rise of prices of electrical, computer and electronic equipment and machinery

In August 2022, electrical, computer and electronic equipment and machinery prices were up by 0.4% over a month, as in July. They stood about 11% above their 2019 average level. They were driven by the prices of electricity distribution and control apparatus (+2.1% after +1.0%) and those of machinery and equipment n.e.c. (+0.3 % like in July). Over a year, electrical, computer and electronic equipment and machinery prices rose by 7.8% (after +7.6%).

Stability of the “other industrial products” prices

In August 2022, the prices of the “other industrial products” were unchanged over a month (+0.0% after +0.3% in July), after 20 consecutive months of rise; they remained on rise at a strong pace over a year (+15.6% after +16.6% in the previous month). They stood about 23% above their 2019 average level. Prices of basic metals kept going down (-1.1% after -0.8%) as well as those of chemical products (-0.2% after -1.1%).

Slight rise of transport equipment prices

In August 2022, transport equipment prices were up by 0.2% over a month (after +0.9%), mainly driven up by those of bodies (coachwork) for motor vehicles; trailers and semi-trailers (+1.2% after +0.2%); over a year, they rose by 6.6% (as in July) and were 13% above their 2019 average level.

FOREIGN MARKETS: +1.4%

In August 2022, the industrial producer prices for the foreign markets rose considerably over a month (+1.4% after +2.7%), driven by those of electricity, while those of manufactured products went down (-0.5% after +0.0%). Over a year, the industrial producer prices for the foreign markets accelerated (+23.2% after +22.6% in the previous month). They were about 31% above their 2019 average level.

The “other industrial products” prices went down over a month (-0.9% after -0.2% in July) due to a downturn of those of chemicals and chemical products (-1.8% after -0.8%) and basic metals (-2.4% après -2.3%). They, however, remained on a strong rise over a year (+15.2% after +17.8%). In the wake of crude oil prices, prices of refined petroleum products kept falling over a month (-8.9% after -15.2%) and decelerated sharply over a year (+65.2% after +80.4%).

Prices of food and beverages rose over a month (+1.0% after +2.5%) as over a year (+20.8% after 20.1%): those of dairy and cheese products decelerated (+1.6% after +4.7%) and those of oils and fats declined for the third consecutive month (-4.8% in August after -7.3% in July and -6.5% in June).

The prices of transport equipment rose by 0.2% over a month (after +1.6%), and by 7.3% over a year (after +7.8%). At last, prices of electrical, computer and electronic equipment and machinery went up by 0.5% over a month (after +0.6%) due in particular to the other electronic and electric wires and cables prices (+3.2% after-0.4%), owing to the rise of raw material prices. Over a year, they went up by 6.6% (after +6.7%).

Import prices of industrial products: +1.5%

In August 2022, the import prices of industrial products went up by 1.5% over a month (after +0.7%): prices of mining and quarrying products, energy and water (especially those of natural gas) rose strongly while those of manufactured products fell (-0.4% after -0.2%).

Over a year, the import prices of industrial products kept rising strongly (+28.0% after 27.3%). They were about 39% above their 2019 average level.

In connection with changes in world oil prices, prices of coke and refined petroleum products fell markedly again over a month (-5.3% after -6.7%) and slowed down over a year (+93.1% after +99.4%). Those of the “other industrial products” fell back slightly over a month (-0.2% after +0.2%) and slowed down over a year (+13.6% after +15.0%).

Prices of transport equipment rose by 0.4% over a month (after +0.5% in July) and by 3.5% over a year (after +3.6%). Those of electrical, computer and electronic equipment and machinery went up lightly over a month (+0.2% after +1.0%) and decelerated a little over a year (+6.2% after +6.4%).

At last, prices offood, beverages and tobacco products were almost unchanged over a month (-0.1% after +0.2%) but remained on a high rise over a year (+16.0% after +15.9%).

The change in the industrial producer prices for the home market between June 2022 and July 2022 has been revised upwards by 0.3 points (+1.9% instead of +1.6%), after taking into account consolidated data on electricity production and trade prices.

Revisions

The change in the industrial producer prices for the foreign markets between June 2022 and July 2022 has been revised downwards by 0.3 points (+2.7% instead of +3.0%), after taking into account late responses in metallurgy.

The change in the import prices of industrial products between June 2022 and July 2022 has been revised upwards by 0.3 points (+0.7% instead of +0.4%), after taking into account account late responses in the automotive industry.

September 30, 2022


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