Producer price index in whole industrial production - Base prices - BCXZ - Manufacturing except food-processing industry and energy (B_C_X_FD_MIG_NRG) - Base 2010 - (PB0ABCXZ00)

Time series
Date of last update : 2017-02-28

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Information about the corresponding series

The series number 001569893 base year 2005 has been stopped and can be extended by the new equivalent series base year 2010 001653477, with the connecting coefficient 1.0490. In order to extend the former series beyond October 2012, please multiply the new series' indices by the connecting coefficient.

Identifier 001653477

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Year Month Value
2017 January p 102.5
2016 December p 101.9
2016 November p 101.7
2016 October 101.4
2016 September 101.4
2016 August 101.3
2016 July 101.4
2016 June 101.4
2016 May 101.3
2016 April 101.1
2016 March 101.0
2016 February 101.0
2016 January 101.4
2015 December 101.9
2015 November 102.1
2015 October 102.1
2015 September 102.2
2015 August 102.6
2015 July 103.2
2015 June 103.2
2015 May 103.2
2015 April 103.3
2015 March 102.8
2015 February 102.5
2015 January 102.2
2014 December 102.4
2014 November 102.4
2014 October 102.5
2014 September 102.5
2014 August 102.4
2014 July 102.4
2014 June 102.3
2014 May 102.2
2014 April 102.1
2014 March 102.1
2014 February 102.2
2014 January 102.4
2013 December 102.3
2013 November 102.3
2013 October 102.3
2013 September 102.7
2013 August 102.7
2013 July 102.8
2013 June 102.8
2013 May 102.9
2013 April 103.2
2013 March 103.5
2013 February 103.3
2013 January 103.2
2012 December 103.1
2012 November 103.1
2012 October 103.3
2012 September 103.2
2012 August 103.1
2012 July 103.0
2012 June 103.2
2012 May 103.3
2012 April 103.3
2012 March 103.3
2012 February 103.2
2012 January 103.0
2011 December 102.4
2011 November 102.6
2011 October 102.7
2011 September 102.8
2011 August 102.9
2011 July 102.7
2011 June 102.5
2011 May 102.5
2011 April 102.4
2011 March 102.1
2011 February 101.8
2011 January 101.6
2010 December 100.8
2010 November 100.9
2010 October 100.6
2010 September 100.6
2010 August 100.3
2010 July 100.2
2010 June 100.2
2010 May 99.8
2010 April 99.5
2010 March 99.1
2010 February 99.0
2010 January 99.0
2009 December 98.6
2009 November 98.8
2009 October 98.8
2009 September 98.8
2009 August 98.7
2009 July 98.5
2009 June 98.5
2009 May 98.7
2009 April 98.9
2009 March 99.1
2009 February 99.5
2009 January 99.6
2008 December 100.5
2008 November 101.2
2008 October 101.9
2008 September 102.1
2008 August 101.9
2008 July 101.7
2008 June 101.1
2008 May 100.6
2008 April 100.2
2008 March 100.0
2008 February 99.7
2008 January 99.4
2007 December 99.0
2007 November 98.7
2007 October 98.8
2007 September 99.1
2007 August 99.0
2007 July 99.0
2007 June 98.9
2007 May 98.8
2007 April 98.5
2007 March 98.4
2007 February 98.3
2007 January 97.9
2006 December 97.4
2006 November 97.3
2006 October 97.3
2006 September 97.1
2006 August 97.2
2006 July 96.9
2006 June 97.2
2006 May 96.5
2006 April 96.0
2006 March 95.4
2006 February 95.2
2006 January 95.1
2005 December 95.1
2005 November 94.6
2005 October 94.3
2005 September 94.4
2005 August 95.3
2005 July 94.2
2005 June 94.4
2005 May 94.2
2005 April 94.4
2005 March 94.4
2005 February 93.8
2005 January 94.3
p : Provisional

last values

File format

In SDMX-ML format (user guide available here)

Characteristics

  • Correction : Non-adjusted (raw)
  • Reference period : 2010
  • Periodicity : Monthly
  • Geographical area : Metropolitan France

Introduction

Objectives

Producer price and import price indices serve an important national and European, even international, purpose. They are ruled by the European regulation on short-term statistics (regulation (EC) said “STS” No 1165/98 of the council of the 19th May 1998, modified by the CE regulation No 1158/2005 of the council of the 6th July 2005). More specifically, they are associated with the variables 310, 311, 312 and 340 from the annex A “Industry” of this regulation:
 310 - Output prices
 311 - Output prices of the domestic market
 312 - Output prices of the non-domestic market
 340 - Import prices

These indices are partly inherited from the “wholesale prices indices” calculated in France since 1911, modified in 1977 under the name “industrial sales prices indices” and mainly intended for contract escalation. In order to ensure the different uses according to the associated concepts and rules, the industrial producer price indices for the French market are compiled in two variants:

  • at basic prices, according to the concepts of the national accounts, which inspire the European regulation on short-term statistics;
  • at market prices for contract escalation.

The following table sums up the conceptual differences between the two approaches:

At basic prices At market prices
Output price of the activity
(income of the producer)
double net price concept, for turnover
Purchaser's price of the product
(cost of the first acquisition on the market)
ideally measured according to triple net concept
Excluding taxes on products, excluding VAT Excluding taxes on products, excluding VAT
Subsidies on products included Subsidies on products deduced
Including intra-group transactions Excluding intra-group transactions
Data definitive at m + 180 days Data definitive at m + 120 days
or corrections mentioned in BDM news

Except for taking into account taxes and subsidies on products, the separate calculation of these two variants is only conducted if the impact is significant.

These indices allow:

  • Economists to evaluate and analyze economic trends
    Numerous public and private, French, European and global organizations use them as economic indicators (European Central Bank (ECB), International Monetary Fund (IMF), Organization for Economic Co-operation and Development (OECD), etc.). These indices enables a monthly monitoring of prices, on different markets, at different stages of the production process.
    The aggregation of Member States price indices enables an industrial producer price index to be established for the whole European Union. Additionally, import and producer price indices of non domestic markets allow the ECB to analyze flows inside and outside the euro area;
  • National accountants to deflate production that comes from structural business statistics and as such to carry out the breakdown between development of the activity in volume (quantity, quality, structure effect) and development of prices (“price-volume sharing”). In fine, they can then track the evolution of Gross Domestic Product and NA aggregates in volume;
  • Businesses and local collectivities to escalate contracts.

    Only “market prices” series displayed in group “Producer price indices of French industry for the French market” are to be used for the purpose of contract escalation, and preferably the definitive data because they are permanent in the database. The last three monthly values of these series are provisional and overwritten when the data are updated, the other ones are definitive, except in case of strong mistakes corrected and highlighted in BDM news.

    Businesses and business federations can use these indices to track the movements of import prices and materials' costs in their field, and evaluate their competitiveness compared to their competitors
    Businesses and local collectivities can also use these official indices, mainly the definitive data of the producer price indices for the French market at market prices, to escalate contracts. It should be noted that INSEE takes no position on the choice of the most appropriate indices for this purpose, a decision that is the sole responsibility of the co-contracting parties.

Themes tackled

The four main indicators calculated, regulated by the "STS" regulation (EC) No 1165/98 of the council of the 19th May 1998 modified by the regulation (EC) No 1158/2005 of the council of the 6th July 2005, are the following:

  1. The industrial producer price indices for the French market:
    They measure the development of transaction prices of goods and services that come from French industrial activities and are sold on the French market. The measurement is conducted at “basic prices”and at “market prices”(see above);
  2. Industrial producer price indices for foreign markets:
    They track the development of transaction prices (converted into euro, therefore including exchange effects) of goods and services from the French industry activity designed to be sold on foreign markets. Thus, what is concerned here is “exported production” rather than “exports” which also include re-exports or intermediations by traders (possibly from the same groups as the manufacturers). All exports are taken into account whether they are internal to groups or not. Foreign markets distinguish the eurozone from the rest of the world;
  3. The combination of the two indices above determines the industrial producer price indices for all markets (French market and foreign markets);
  4. Import price indices of industrial products:
    They track the development of transaction prices (converted into euro, therefore including the exchange effects) of goods and services from foreign industrial activity sold on the French market. The measurement covers cost, insurance and freight (CIF) prices, which is to say that it is assessed at the French border exclusive of import taxes, in line with European regulation No 1165/98. All imports are taken into account, whether they are internal to groups or not.

They are completed in some activities by price indices of the total supply of industrial products which are the product of aggregating the industrial producer price indices for the French market at market prices and the import price indices. They track the prices of industrial products traded in France, wherever they may be produced.

Statistical field covered

In line with European regulations, the field of industry covered by the producer price indices includes sections B to E of the CPA revision 2 of 2008, except for the following products:
 B07.21 - Uranium and thorium ore
 C24.46 - Processed nuclear combustibles
 C25.4 - Arms and munitions
 C30.1 - Ships and boats
 C30.3 - Aircraft and space engines
 C30.4 - Military combat vehicles
 E37 - Collection and treatment of used water, sewage sludge
 E38 - Collection, treatment and elimination of waste and recuperation of materials
 E39 - Pollution control and other waste management services

However the exclusion of “delicate”products is not of the same nature as the omission of activities related to environment, which were formerly considered as services activities. As a matter of fact, the activity “E38 Collection, treatment and elimination of waste and recuperation of materials” is now included in base 2010 in the field covered by the French industrial producer price indices, and the activity “E37 Collection and treatment of used water, sewage sludge” will also soon be included.

For import price indices of industrial products, the field is made up of sections B to D and excludes additionally the following products:
 B09 - Support services for extraction industries
 C18 - Printing and reproduction work
 C33 - Repair and installation to machinery and equipment
 E36 - Natural water, treatment and distribution of water

The exclusion of these industrial services is only due to the lack of an appropriate sampling frame.
For the calculation of the “total industry”, all industrial activities are taken into account, be they covered by the STS regulation or not. The non-covered sectors are imputed (see below).

Technical characteristics

Methodology

The calculation of industrial producer price indices is harmonized within the European Union, and has led to the publication of a Handbook on industrial producer price indices (2012). Industrial price indices measure the raw price developments (not seasonal adjustment corrected). “Response series” of absolute prices are immediately converted into “elementary series” under indices form in reference 2010, then aggregated into “indices series” according to an aggregation tree specific to each activity (CPA 4 digits). At last, price indices of each activity are combined in order to obtain aggregates.

Aggregation and reference

Aggregates indices (CPA 4 digits and above) in base 2010 are chained Laspeyres indices, put into reference 2010, i.e. the price developments are weighted by annual NA and structural business statistics figures in value for producer price indices and by the customs statistics on imports for import price indices, and these weights are updated every year in May for definitive figures of January, with sources usually on year n-2 (ideally n-1, in practice too for years 2006 to 2011 compiled by backcasting). Indices of activities and lower levels, although compiled according to the same formulas, are fixed-base Laspeyres indices, because their weights are usually updated only once in five years, with the renewal of the sample (20% of activities are renewed every year: enterprises, providers, response-series, weights).

Year 2010 is strictly speaking the reference year (yearly average of 2010 = 100) of all levels, while year n-2 or n-1 is the base year of aggregates, and the year before the renewal of the sample the base year of each activity at fine level, source of data communicated by enterprises surveyed (turnovers or amounts of imports).

Contrarily to numerous European countries, the computation of indices in base and reference year 2010 is not achieved in two steps (versus December n-1, then annual chain-linking) but in one, according to an equivalent formula of monthly chain-linking with yearly update of weights:

We target this relation between two successive months:

with m = month observed, p = prices, q = quantities, b = base period, ref = reference period

The formula can be developed this way:

and then be rewritten with values and indices instead of quantities and prices:

This formula makes appear the necessary correction to the introduction of new weights in value, in order not to count twice the change of prices between the reference period (here year 2010) and the base period (n-1 or n-2 according to cases), which would responsible of a “chain-linking bias”.

The survey covers 90% of the field in value for each indicator (98% according to the European convention). The 10% left (2% according to the European convention) have been imputed by close activities or indicators, therefore series created after 2010 will always be calculated and published in reference year 2010, which was not the case of previous bases. This technique allows a better consistency between main aggregation trees (official classification) and secondary aggregation trees (for instance MIGS ruled by the European regulation “MIGS” No 656/2007, which defines industrial clusters by destination: intermediate goods, equipment goods, energy, durable and non durable consumer goods).

Weightings

The below Excel file provides a table of weightings of the year 2010 for each class of products for each of the published indicators, and the total field of industry according to the European and French conventions.

Information sources

The operation brings together professional bodies, businesses and INSEE. The businesses surveyed are sampled, usually on a five-year rhythm, using sampling frames that INSEE has got:

  • the Annual Production Survey in the industry excluding food industry, at same time structural business statistics survey in industry and survey designed for Prodcom regulation;
  • the Structural Annual Survey in the food industry;
  • Customs data by enterprises, mainly used for imports.

Each enterprise selected is contacted by an INSEE engineer-interviewer. During the interview, the witness transactions (“response-series”) are decided upon, chosen to be both representative of the business's price developments and easily accessible in order to limit -as far as possible- the statistical burden of the enterprise. The questionnaire is therefore tailored individually to each enterprise participating to the survey. The data are then collected monthly or quarterly by post (30% of the answers) or online (70% of the answers) through the Site de Collecte de Réponse Par Internet. The information is regularly updated, either thanks to an interview with an engineer-interviewer (at least every five years) or thanks to the information directly given by the enterprise (deletions and creations of response-series, transmissions of auxiliary data).

The producer price indices and the import prices are calculated using monthly price statements (or quarterly for some businesses) of some 26,841 products collected from 4,205 enterprises within the framework of a compulsory survey “Observation of Business Services and Industry Prices” (OPISE). This survey is part of an annual program of public statistical service surveys analysed by the CNIS (National Council of Statistical Information) and published by decree in the Journal Officiel at the start of the year.

Statistical units

The statistical enterprise, or more precisely the industrial activity of a statistical enterprise (responsible of the production of an industrial product) in the case of industrial producer price indices.

Frequency of survey

Monthly.

Dissemination

The producer price indices and the import prices are disseminated on the last working day of the month following the month under review. The publishing calendar is announced four months in advance. Except specific mention, indices are provisional for a period of three months. Revisions integrate enterprises' late responses and changes of weights consecutive to the continuous renewal of the indices.
The monthly “Informations Rapides” Industrial Producer and Import Price Indices provide the main results with some comments.
All indices disseminated are present on the Macro-economic database (BDM).
They are also redisseminated by Eurostat along with other European countries under the theme ”Industry, trade and services“, sub-themes “producer prices in industry” and “import prices in industry”.

Switch of series from base 2005 to base 2010

Time series of class level (4 digits code) or infra have only been re-referenced between the two bases (application of a rule of three, so as to obtain 100 for annual average of year 2010). However, some mistakes have been corrected, as class “3521 - manufactured gas” which carried wrongly the price series of class “3523 - trade services of gas through mains”, or as price of sulphur dioxide (part of class “2013 - other inorganic basic chemicals”) which was attributed mistakenly to class “08.91 - chemical and fertiliser minerals” like crude sulphur. Some series have been updated and extended to the past, as price series of imports and exports of class “3511 - electricity”, thanks to source Powernext.
Time series of aggregated levels differ mainly between the two bases because of sets of weightings and aggregation techniques: fixed-base year 2005 Laspeyres for base 2005, chain-linked Laspeyres in reference 2010 for base 2010, with updated weightings since 2005 included.
The Macro-economic database (BDM) indicates, when possible, the corresponding series that allows to extend a stopped series, with the necessary connecting coefficient. All PPI and import price series in industry in base 2005 have been stopped at the end of March 2013, and most of them have identical corresponding series in base 2010, with a connecting coefficient calculated on October 2012, last period calculated with a definitive figure in base 2005. The correspondance table hereafter allows to see all concerned series:

For further information

  • “The French producer price indices and business-service price indices”, Insee Méthodes No. 89.

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