Press Release 23/01/2018
Industrial prices in the Basque Country increased by 0.1% in December 2017 with regards to the previous month
Industrial prices saw average annual growth of 3.3%, after four consecutive years of decreases
Industrial prices in the Basque Country rose by 0.1% in December 2017 on the previous month, according to EUSTAT data. With these data, the year-on-year rate for December, which indicates the fluctuation in industrial prices over the last twelve months, showed growth to be 2.6%.
2017 is the first year to show recovery in industrial prices, with an average positive rate of 3.3%, after four years of downturns.
A more detailed sector-level analysis reveals that in December 2017, the most inflationary branches on the previous month were: Furniture & Other Manufacturing Industries, Repairs and Installation, with an increase of 0.8%; Coke Plants & Oil Refining, with a rise of 0.7%; and, Chemical Industry and Manufacture of Computer, Electronic & Optical Products, up 0.5% in both cases. On the other hand, the following sectors recorded the largest decreases in prices: Textile, Garments, Leather & Footwear, down by 1.1%; Extraction Industries, which fell by 0.9%; and Manufacture of Transport Material, with a drop of 0.5%.
Following the classification of Goods by economic destination, with regards to the previous month, Energy posted a 0.6% increase in prices, Intermediate Goods rose 0.2% and Capital Goods fell 0.1%. Consumer Goods, as a whole, fell by 0.2%. Within these, Consumer Durables were up by 0.2%, whilst in Consumer Non-durables, there was a downturn of 0.3%.
In the year-on-year period, December 2017 on December 2016, the greatest increases in prices occurred within the branches of: Metallurgy & Metal Products, with an increase of 5.7%; Manufacture of Pharmaceutical Products, with a rise of 4.8%; and Electricity, Gas, Steam & Air Conditioning, which was up by 4.2%. By contrast, the largest decreases in prices were seen in the sectors of: Extraction Industries, which dropped by 2.0%; Food, Beverages & Tobacco Industry, which decreased by 0.7%, and Manufacture of Computer, Electronic & Optical Products, which fell by 0.2%.
The price variation of the large goods groups was positive over the year-on-year period in all cases: Energy grew at a rate of 3.4%, Intermediate Goods by 3.8%, Capital Goods by 1.4% and Consumer Goods by 0.3%. Amongst the latter, the prices of Consumer Durables rose by 1.4%, and Consumer Non-Durables were down by 0.1%.
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