Press Release 20/01/2021

INDUSTRIAL PRICE INDEX. DECEMBER 2020

Industrial prices in the Basque Country rose by 0.6% in December 2020 in relation to the previous month

Compared to December 2019 industrial prices were down 2.0%

Industrial prices in the Basque Country increased by 0.6% in December 2020 compared to the previous month, according to data provided by Eustat. The year-on-year rate for December, which indicates the fluctuation in industrial prices over the last twelve months, stood at -2.0%.

A more detailed analysis reveals that in December 2020, the most inflationary sectors on the previous month were: Coke Plants & Oil Refining, with an increase of 6.4%, Extraction Industries, up 1.8%, and Manufacture of Computer, Electronic & Optical Products which, like Water, rose 1.4%. In contrast, the following sectors recorded the largest month-on-month decreases in prices: Electricity, Gas & Steam, which was down 0.8%, and Food, Beverages & Tobacco, which dropped 0.5%.

According to the classification of goods by economic destination, there were upward and downward trends: Energy prices rose by 2.7%, those of Intermediate Goods were up 0.3%, while those of Capital Goods remained unchanged (0.0%). Prices of Consumer Goods as a whole, on the other hand, fell by 0.2% compared to the previous month, due to the 0.3% drop in the Consumer Non-durables sub-sector, given that the prices of Consumer Durables were up 0.2%.

In year-on-year terms, from December 2019 to December 2020, the greatest increase in prices occurred within the branches of Water, with a rise of 6.2%, Manufacture of Computer, Electronic & Optical Products, with an increase of 5.2%, 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 20.5%; Textile, Garments, Leather & Footwear, with a decrease of 4.1%; and Manufacture of Machinery and Equipment, down 3.2%.

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 2.2%; influenced by the 2.4% rise in prices of Consumer Non-durables and the 0.9% increase in prices of Consumer Durables. Furthermore, in year-on-year terms, prices of Capital Goods were up 0.8% and those of Intermediate Goods increased by 0.7%. By contrast, the Energy sector saw its prices drop by 12.9%.

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