Inflation in Spain’s industrial sector slows down at rapid pace
2023.02.24 06:52
Inflation in Spain’s industrial sector slows down at rapid pace
By Tiffany Smith
Budrigannews.com – The National Statistics Institute (INE) reported on Friday that industrial production prices in Spain increased by 8.2% from December to January, which was more than 6 percentage points lower than the December figure.
The figure was in comparison to a revised 14.9% rise over the past year through December. In January, the industrial 12-month price increase was at its slowest pace since March 2021, when it was 6.4%.
In March 2022, the 12-month index reached a peak of 47 percent.
According to INE, industrial prices dropped by 2% in January compared to December. The primary cause of the drop was a decrease in energy costs, which were almost 8.8% lower than they had been the month before.
Inflation is ultimately fueled by businesses passing on price increases for industrial goods to their customers.
INE reported last week that the 12-month rate of inflation through January was 5.9%, down from a peak of 10.8% in July 2022. However, core inflation, which excludes volatile prices for fresh food and energy, was 7.5%.
