Industrial inflation moderates its growth to 26.1% in October due to lower energy costs

MADRID, 25 Nov.

Industrial inflation moderates its growth to 26.1% in October due to lower energy costs

MADRID, 25 Nov. (EUROPA PRESS) -

Industrial prices moderated their year-on-year growth in October to 26.1% due to lower energy costs and fell by 1.4% in relation to the previous month, their largest monthly decline since February 2021, as reported this Friday by the National Institute of Statistics (INE).

With the year-on-year rise in October, 9.5 points lower than that experienced in September, inflation in the industrial sector has posted 22 consecutive months of positive rates.

The moderation of the interannual rate of industrial prices registered in October is mainly due to energy, which cut its annual variation by more than 30 points, to 54.1%, due to cheaper electricity and gas production, as well as intermediate goods, whose annual rate fell by more than 2.5 points, to 15.9%, due to the lower cost in the manufacture of basic chemical products and in the production of precious metals.

In contrast, the prices of non-durable consumer goods increased their interannual rate by one point in October, up to 14.2%, due to the increase in the cost of manufacturing vegetable oils and fats.

According to the INE, without counting energy, industrial prices showed a year-on-year rise of 13.2% last October, a rate eight tenths lower than that of September and almost 13 points below the general rate.

By activities, the biggest price rises compared to October 2021 occurred in coke ovens and oil refining (67.2%); the supply of electricity and gas (50.7%); the paper industry (23.5%); the food industry (21.2%) and the chemical industry (19%).

PRICES DECREASE IN THE MONTH FOR THE FIRST TIME SINCE FEBRUARY 2021

In the monthly rate (October over September), industrial prices decreased by 1.4%, registering their first monthly decrease since February 2021, when they fell by 1.7%.

In October, the drop in energy prices (-4.7%) and intermediate goods (-0.1%) and the increase in non-durable consumer goods (1.3%) stood out.

INDUSTRIAL INFLATION MODERATES IN ALL COMMUNITIES

The annual rate of the industrial price index decreased in October in all the autonomous communities, according to Statistics.

The greatest decreases with respect to the September rate occurred in the Balearic Islands, the Canary Islands and Asturias, with decreases of 27.9; 26.5 and 25.8 points, respectively.

For their part, the smallest decreases in the interannual rate were registered in La Rioja, the Valencian Community and Catalonia, with declines of 4.2; 4.4 and 5.2 points, respectively.

At the end of October, all the communities presented positive industrial price rates.

The highest annual rates occurred in Murcia (34.8%), Andalusia (34.1%) and the Basque Country (34%), while the most moderate ones corresponded to the Canary Islands (14.1%), Asturias (15, 4%) and Navarre (18.2%).

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