Industrial prices soar 40.4% in July due to energy

MADRID, 25 Ago. (EUROPA PRESS) -

Industrial prices soared 40.4% in July compared to the same month of 2021 and stagnated in relation to the previous month, as reported on Thursday by the National Institute of Statistics (INE).

However, despite the strong year-on-year growth in producer prices, the rate has moderated more than two and a half points compared to that registered in June.

With the year-on-year rise in July, industrial prices chained 19 consecutive months of positive rates. However, for the fourth consecutive month, the year-on-year rate has moderated compared to the previous month.

Among the sectors that drove the upturn in industrial prices in July, energy stood out, which cut its annual variation by 10 points, to 100.6%, due to lower prices for electricity production and oil refining; and intermediate goods, whose annual rate decreased by almost 2.5 points, to 22.1%, mainly due to the manufacture of basic iron products and the lower cost of producing precious metals.

In contrast, the prices of non-durable consumer goods raised their year-on-year rate in July by more than one point, to 11.6%, due to the higher cost of processing and preserving meat and the manufacture of meat products.

According to the INE, without counting energy, industrial prices showed a year-on-year rise of 14.8% last July, a rate five tenths lower than that of June and more than 25 points below the general rate.