Press Release 24/08/2020

INDUSTRIAL PRICE INDEX. JULY 2020

Industrial prices in the Basque Country decreased by 0.1% in July 2020 with regards to the previous month

Compared to July 2019 industrial prices were down 3.8%

Industrial prices in the Basque Country dropped by 0.1% in July 2020 on the previous month, according to EUSTAT data. The year-on-year rate for July, which indicates the fluctuation in industrial prices over the last twelve months, stood at -3.8%.

A more detailed analysis reveals that, in July 2020, the most inflationary branches on the previous month were: Coke plants and Oil Refining with an increase of 3.2%, Extraction Industries, which registered a rise of 1.1% , followed by Manufacture of Computer, Electronic & Optical Products and Manufacture of Transport Material, both with price increases of 0.9%. On the other hand, the following sectors recorded the largest month-on-month decreases in prices: Metallurgy & Metal Products with a drop of 1.1%, Electricity, Gas, Steam & Air Conditioning with a variation of -1.0% and Textile, Garments, Leather & Footwear, down 0.6%.

Following the classification of Goods by economic destination, Energy prices increased by 0.9% in respect of the previous month and those of Capital Goods were up 0.5%. Prices of Consumer Goods, as a whole, increased by 0.2%, and its two subsectors performed differently, given that while Consumer Non-Durables saw a rise of 0.3%, prices of Consumer Durables fell by 0.1%. Lastly, prices of Intermediate Goods showed a drop of 0.6%.

In year-on-year terms, from July 2019 to July 2020, the greatest increase in prices occurred within the branches of Extraction Industries, with a rise of 4.1%, Textile, Garments, Leather & Footwear, with an increase of 3.5%, and Manufacture of Transport Material, where prices were up by 3.2%. Conversely, the greatest decreases in prices corresponded to the sectors of Coke Plants and Oil Refining, which fell by 24.0%; Electricity, Gas, Steam & Air Conditioning, which dropped by 5.9%; and Manufacture of Machinery and Equipment, down 3.8%.

The price variation of the large goods groups by economic destination was positive over the year-on-year period for Consumer Goods as a whole, which registered a rise of 1.1%. Among the latter, the prices of Consumer Non-Durables increased by 1.2%, and Consumer Durables were up by 0.6%. Prices of Capital Goods also rose, by 0.4% in year-on-year terms. By contrast, decreases in prices were seen in the sectors of Energy, down 16.3%, and Intermediate Goods, with a fall of 1.3%.

For further information:

Eustat - Euskal Estatistika Erakundea / Basque Statistics Institute C/ Donostia-San Sebastián, 1 01010 Vitoria-Gasteiz Press Service: servicioprensa@eustat.es Tel: 945 01 75 62