Press Release 24/11/2020

INDUSTRIAL PRICE INDEX. OCTOBER 2020

Industrial prices in the Basque Country fell by 1.0% in October 2020 in relation to the previous month

Compared to October 2019 industrial prices were down 6.0%

Industrial prices in the Basque Country decreased by 1.0% in October 2020 compared to the previous month, according to EUSTAT data. The year-on-year rate for October, which indicates the fluctuation in industrial prices over the last twelve months, stood at -6.0%.

A more detailed analysis reveals that, in October 2020, the most inflationary branches on the previous month were: Coke Plants and Oil Refining, which increased by 1.8%; Food, Beverages & Tobacco, with a rise of 0.9%; and Manufacture of Pharmaceutical Products, up 0.8%. In contrast, the following sectors recorded the largest month-on-month decreases in prices: Electricity, Gas & Steam, which decreased by 7.5%; Extraction Industries, with a drop of 1.9%; and Manufacture of Computer, Electronic & Optical Products, which, along with Chemical Industry, had a fluctuation of -1,2%.

According to the classification of goods by economic destination, and in relation to the previous month, prices of Consumer Goods, as a whole, increased by 0.8%, due to the 0.9% rise in the Consumer Non-durables sub-sector, given that prices in the Consumer Durables sub-sector fell by 0.1%. Energy prices fell by 3.9%; those of Intermediate Goods were down 0.3%; whilst prices of Capital Goods decreased by 0.1%.

In year-on-year terms, October 2020 on October 2019, the greatest increases in prices occurred within the branches of Textile, Garments, Leather & Footwear with a rise of 3.5%; Manufacture of Transport Material, up 3.2%; and Food, Beverages & Tobacco, with growth of 2.7%. Conversely, the greatest decreases in prices corresponded to the sectors of Coke Plants and Oil Refining, which fell by 25.0%; Electricity, Gas, Steam & Air Conditioning, with a decrease of 20.8%; and Manufacture of Machinery and Equipment, down 4.1%.

Price fluctuations for the large goods groups by economic destination was positive over the year-on-year period for Consumer Goods, as a whole, which registered an increase of 3.0%; influenced by the 3.4% rise in prices of Consumer Non-durables and the 0.8% increase in prices of Consumer Durables. Additionally, in year-on-year terms, prices of Capital Goods were up 0.6%. By contrast, decreases in prices were seen in the sectors of Energy; down 24.6%; and Intermediate Goods; with a fall of 1.1%.

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