Press Release 24/09/2020

INDUSTRIAL PRICE INDEX. AUGUST 2020

Industrial prices in the Basque Country increased by 0.5% in August 2020 in respect of the previous month

Compared to August 2019 industrial prices were down 2.8%

Industrial prices in the Basque Country increased by 0.5% in August 2020 in respect of the previous month, according to EUSTAT data. The year-on-year rate for August, which indicates the fluctuation in industrial prices over the last twelve months, stood at -2.8%.

A more detailed analysis reveals that, in August 2020, the most inflationary branches on the previous month were: Electricity, Gas & Steam, which increased by 3.0%; Manufacture of Computer, Electronic & Optical Products, with a rise of 1.2%; and Water, up 0.7%. On the other hand, the following sectors recorded the largest month-on-month decreases in prices: Textile, Garments, Leather & Footwear, with a drop of 6.9%; Extraction Industries, which fell by 3.3%; and Chemical Industry with a variation of -1.7%.

Following the classification of Goods by economic destination, Energy prices increased by 1.6% in respect of the previous month and those of Intermediate Goods were up 0.2%, while prices of Capital Goods rose by 0.1%. However, prices of Consumer Goods, as a whole, decreased by 0.1%, due to the 0.2% drop in the subsector of Consumer Non-Durables, whereas prices in the Consumer Durables subsector remained stable.

In the year-on-year period, August 2020 on August 2019, the greatest increase in prices occurred within the branches of Water with a rise of 3.3%; Manufacture of Transport Materia, up 3.2%; and Manufacture of Computer, Electronic & Optical Products, where prices rose by 2.5%. Conversely, the greatest decreases in prices corresponded to the sectors of Coke Plants and Oil Refining, which fell by 22.4%; Manufacture of Machinery and Equipment, with a drop of 3.8%; and Timber, Paper & Graphic Arts, down 3.2%.

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 1.0%. Among the latter, the prices of Consumer Non-Durables increased by 1.1%, and Consumer Durables were up by 0.6%. Prices of Capital Goods rose by 0.5% in year-on-year terms. By contrast, decreases in prices were seen in the sectors of Energy, down 13.0%, and Intermediate Goods, with a fall of 0.9%.

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