News reports in July were largely dominated by the heatwave. In line with an already excessively hot month of June, July 2022 presented a similarly abnormal difference in temperature of +2.3°C (compared to the period 1991-2020) and ranked 3rd among the hottest months measured during the post-war period.
Inflation is also overheating... According to INSEE's provisional estimate, made at the end of the month, consumer prices would have increased by 6.1% in July 2022 year-on-year, after +5.8% the previous month. As a result, the French economy slowed significantly in July.
Despite this slowdown, road freight transport prices are still on the rise, with +2.2% growth in July compared to June. The mechanism of diesel indexation in fact generates an impact on prices with a one-month lag. Not surprisingly, the July freight rates therefore include the increase in diesel fuel recorded in June.
Over one year, prices rose by 16.5% in July, widening the gap between 2022 and previous years.
Source: Upply Freight Index – Road France
The average road freight rates in France in July flirted with the resistance threshold that we estimate at €1.700 per kilometre driven (...)