Press Release 22/03/2021

INDUSTRIAL PRICE INDEX. FEBRUARY 2021

Industrial prices in the Basque Country rose by 0.7% in February 2021 in relation to the previous month

Compared to February 2020 industrial prices were up 0.3%

Industrial prices in the Basque Country increased by 0.7% in February 2021 compared to the previous month, according to Eustat data. The year-on-year rate for February, which indicates the fluctuation in industrial prices over the last twelve months, stood at 0.3%.

A more detailed analysis reveals that in February 2021, the most inflationary sectors on the previous month were: Coke Plants & Oil Refining, up by 5.2%; Metallurgy & Metal Products, with an increase of 1.7%, and Manufacture of Pharmaceutical Products, which rose by 0.7%. In contrast, the sectors that recorded the largest month-on-month decreases in prices were: Extraction Industries, which fell by 3.4%; Manufacture of Transport Material, down 1.6%; and Food, Beverages & Tobacco with a drop of 0.7%.

According to the classification of goods by economic destination, there were upward and downward trends: Energy prices rose by 3.1% and those of Intermediate Goods were up 0.8%, In contrast, prices of Capital Goods were down by 0.9%, while those of Consumer Goods, as a whole, decreased by 0.6% in respect of the previous month; due to the 0.7% drop in the Consumer Non-durables sub-sector and the 0.1% fall in the Consumer Durables sub-sector.

In year-on-year terms February 2021 on February 2020, the greatest increases in prices occurred within the branches of Manufacture of Computer, Electronic & Optical Products with growth of 5.7%; Manufacture of Pharmaceutical Products, up 4.6%; and Metallurgy & Metal Products, up 3.6%. Conversely, the greatest decreases in prices corresponded to the sectors of Coke Plants and Oil Refining, which fell by 4.6%; Extraction Industries, with a drop of 4.5%; and Textile, Garments, Leather & Footwear, down 4.0%.

The price variation of the large goods groups by economic destination was positive over the year-on-year period for Intermediate Goods, which were up 1.8%; and for Capital Goods, up 0.2%. Prices also increased for Consumer Goods, as a whole, which registered an increase of 1.7%; influenced by the 1.9% rise in prices of Consumer Non-durables and the 0.4% increase in those of Consumer Durables. By contrast, in year-on-year terms, Energy prices fell by 3.7%.

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