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Industrial inflation moderates its fall in January to 3.8% due to higher energy costs

MADRID, 26 Feb.

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Industrial inflation moderates its fall in January to 3.8% due to higher energy costs


Industrial prices decreased by 3.8% last January compared to the same month in 2023, moderating by 2.5 points the decrease registered last December, as reported this Monday by the National Institute of Statistics (INE). .

With the year-on-year decrease in January 2024, inflation in the industrial sector has been experiencing negative rates for eleven months after March 2023 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.

The evolution of industrial prices in January is due to the increase experienced by energy, which raised its interannual rate eight points, to -12.6%, due to the increase in the cost of the production, transportation and distribution of electrical energy, compared to the decrease which he experienced in January 2023.

On the other hand, non-durable consumer goods cut their interannual rate by 1.3 points in January, to 5.7%, the lowest since December 2021, due to the fact that the rise in beverage manufacturing prices was lower. than in January of last year. On the other hand, the increase in prices in the manufacture of oils and fats was more pronounced than that recorded a year earlier.

The annual variation rate of industrial prices excluding energy closed January at 0.2%, nine tenths less than in December and four points above the general index.

The industrial price index published this Monday is the first that the INE disseminates in Base 2021. Statistics has updated weights and changes in the basket of products. Thus, for example, the production of other non-distilled beverages and the manufacture of fiber optic cables are removed from the index.


In monthly rate (January 2024 over December 2023), industrial prices rose 0.2% after three months of declines.

The activities that most influenced this rebound were the manufacturing of oils and fats (3.8%), the production and distribution of electrical energy (0.7%), the manufacturing of beverages (2.9%) and the refining of oil (0.4%).

On the other hand, the largest monthly decreases occurred in gas production (-4.4%), the production of precious metals (-2%), the manufacture of animal feed products (-0.8%) and the production of meat products (-0.5%).


According to Statistics data, all communities presented negative rates of industrial prices at the end of the first month of 2024.

The most pronounced were those of the Basque Country (-7.8%), Cantabria (-7.7%) and Aragón (-6.3%), while the most moderate negative rates corresponded to Andalusia (-0.4% ), Extremadura (-1.5%), Canary Islands (-1.6%) and Navarra (-1.8%).