Thursday, 22 February 2024
BusinessIndustrial prices moderated their fall to 6.3% in 2023 due to energy

Industrial prices moderated their fall to 6.3% in 2023 due to energy

Industrial prices moderated their decline again in December to 6.3% in annual rate, 1.3 points below that in November, in a context of lower energy prices. With the year-on-year decline in December 2023, inflation in the industrial sector chains ten months of negative rates after in March it put an end to a period of 26 consecutive months of increases, in which it recorded double-digit positive rates for more than 20 months. According to the Industrial Price Index (IPRI) published this Thursday by the National Institute of Statistics (INE), energy prices fell 20.6%, while those of intermediate goods fell 4.9%.

In monthly rate, the decrease in industrial prices in December compared to November was 0.3%. On average, industrial prices fell by 4.7% in 2023, the largest decrease in the historical series, which began in 1975, says the INE. The evolution of energy was influenced by Oil refining prices fell less than in December 2022 as well as the increase in prices for the production, transportation and distribution of electrical energy, which decreased in the same month of 2022.

Regarding intermediate goods, the decline in prices for the manufacture of basic chemical products moderated, nitrogenous compounds, fertilizers, plastics and synthetic rubber in primary forms. Compared to this, non-durable consumer goods rose by 7% with a smaller increase in the prices of the manufacture of vegetable and animal oils and fats than in December 2022. The annual variation rate of the general index without energy, details the INE , increased two tenths, with an increase of 1.1%, and was 7.4 points above that of the general IPRI.

By communities, the annual rate of the IPRI registered a decrease in all communities in December. The greatest decreases were in Asturias (16.6%), the Balearic Islands (16.1%) and the Canary Islands (13.9%).. On the contrary, Extremadura (2.5%), Navarra (3.6%) and Comunidad Valenciana (3.8%) were the communities where prices fell the least in that annual rate.

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