Press Release 24/02/2014

INDUSTRIAL PRICE INDEX OF THE BASQUE COUNTRY (IPRI) JANUARY 2014

Industrial prices in the Basque Country decreased by 0.4% in January 2014 with regards to the previous month

Compared to the previous year (January 2014 on January 2013) they were down 0.9%

Industrial prices in the Basque Country decreased by 0.4% in January 2014 compared to the previous month, according to data provided by EUSTAT. With these data, the year-on-year rate for January, which indicates the fluctuation in industrial prices over the last twelve months, registered a drop of 0.9%.

A more detailed analysis by sector shows that the most inflationary branches in January 2014, with regard to the previous month, was Manufacture of Pharmaceutical Products, with an increase in its prices of 1.8%; Food beverages and tobacco, which increased by 0.4%; and Extractive Industries which, together with Timber, Paper and Graphic Arts, rose 0.3%. On the other hand, the largest price decreases were in the sectors of Coke Plants and Oil Refining (-1.5%), Plastics and Rubber with a fall of 1.1%, and Electricity, Gas and Steam with a downturn of 0.8%.

In the year-on-year period from January 2013 to January 2014, the greatest increases in prices occurred within the branches of Electricity, Gas and Steam with an increase of 3.1%, Timber, Paper and Graphic Arts, up by 1.5%, and Manufacture of Machinery and Equipment, where prices rose by 1.1%. Conversely, there were decreases in prices corresponding to the sectors of, among others, Coke Plants and Oil Refining, which fell by 5.1%, and Manufacture of Computer, Electronic and Optical Products and Metallurgy and Metal Products, both of which decreased by 2.7%.

According to the classification of Goods by economic destination, the evolution of prices in the large sectorial groups registered distinct changes in January: Energy saw a fall in its prices of 1.4% and Intermediate Goods decreased by 0.4%, whereas there was no change in Equipment Goods (0.0%). Consumer Goods as a whole were up 0.3%, as a result of the rise in the prices of Consumer Durables (0.1%), and Consumer Non-durables (0.4%).

The variation in prices for these large goods groups in the year-on-year period was also different for each one. Energy decreased by 2.0% and Intermediate Goods registered a fall of 1.6%. Prices corresponding to Intermediate Goods were up by 0.1%, and those for Consumer Goods as a whole remained stable (0.0%). Amongst the latter, the prices of Consumer Durables dropped by 0.1%, whilst Consumer Non-Durables did not register a change 0.0%.

For further information:

Eustat - Euskal Estatistika Erakundea / Instituto Vasco de Estadística C/ Donostia-San Sebastián, 1 01010 Vitoria-Gasteiz Press Service: servicioprensa@eustat.eus Tlf: 945 01 75 62 Further press releases on IPRI - Industrial Price Index of the Basque Country. Databank on IPRI - Industrial Price Index of the Basque Country.