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Press Release 24/11/2014

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

Industrial prices in the Basque Country decreased by 0.7% in October 2014 with regards to the previous month

They were 0.6% down on the previous year (October 2014 on October 2013)

Industrial prices in the Basque Country decreased by 0.7% in October 2014 with regards to the previous month, according to data prepared by EUSTAT. With these data, the year-on-year rate for October, which indicates the fluctuation in industrial prices over the last twelve months, registered a drop of 0.6%.

A more detailed analysis by sector shows that the most inflationary branches in October 2014, with regard to the previous month, were Metallurgy and Metal Products which rose by 0.7%, Extraction Industries which was up by 0.6% and Manufacture of Electrical Material & Equipment which rose by 0.4%. On the other hand, the greatest decreases were seen in the sectors of Coke Plants & Oil Refining which saw a price drop of 5.4%, Furniture & Other Manufacturing Industries which fell by 3.2% and Electricity, Gas & Steam which fell by 1.6%.

In the year-on-year period, from October 2013 to October 2014, the greatest increase in prices occurred within the branches of Metallurgy and Metal Products which rose by 1.5%, as well as Manufacture of Computer, Electronic & Optical Products and Manufacture of Pharmaceutical Products which both saw a price increase of 1.1%. Conversely, there were decreases in prices corresponding to the sectors of, among others, Coke Plants and Oil Refining, which fell by 7.1%, Furniture & Other Manufacturing Industries, which dropped by 3.5%; and Extraction Industries, which decreased by 3.3%.

With regards to the classification of goods by economic destination, the price variation in October over the previous month of the large sectorial groups was negative for Energy, whose prices dropped by 4.0%, and for Equipment Goods which fell by 0.5%. The prices of Intermediate Goods, for their part, were up by 0.5%. Consumer Goods as a whole remained stable, as a result of unchanged prices of Consumer Non-durables, 0.0%, while Consumer Durables rose by 0.1%.

The price variation of these large goods groups were negative over the year-on-year period for Energy, which dropped 3.9%, and Equipment Goods, down 0.5%, whereas Intermediate Goodswere up by 0.8%. For their part, prices of Consumer Goods as a whole were down by 0.1%. Among the latter, the prices of Consumer Durables dropped by 0.7%, while Consumer Non-Durables rose by 0.1%.

Industrial Price Index of the Basque Country. Variation rate(p). October 2014
Source: Eustat. Industrial Price Index of the Basque Country (IPRI)