Press Release 22/02/2021

INDUSTRIAL PRICE INDEX. JANUARY 2021

Industrial prices in the Basque Country rose by 0.9% in January 2021 in relation to the previous month

Compared to January 2020 industrial prices were down 1.2%

Industrial prices in the Basque Country increased by 0.9% in January 2021 compared to the previous month, according to Eustat data. The year-on-year rate for January, which indicates the fluctuation in industrial prices over the last twelve months, stood at -1.2%.

A more detailed analysis reveals that in January 2021, the most inflationary sectors on the previous month were: Coke Plants and Oil Refining, with an increase of 5.3%, Manufacture of Electrical Material and Equipment, up 2.4% and Manufacture of Pharmaceutical Products, which rose by 2.2%. In contrast, the sectors that recorded month-on-month decreases in prices were: Water, which was down 1.7%, and Food, Beverages & Tobacco, which dropped 0.1%.

According to the classification of goods by economic destination, all price variations were positive: Energy prices rose by 2.9%, those of Capital Goods were up 0.6%, while those of Intermediate Goods increased by 0.5%. Compared to the previous month, prices of Consumer Goods as a whole were up by 0.1%, due to the 0.3% rise in the Consumer Durables sub-sector, and the 0.1% increase in the Consumer Non-durables sub-sector.

In year-on-year terms, January 2021 on January 2020, the greatest increases in prices occurred within the branches of Manufacture of Computer, Electronic & Optical Products with a rise of 6.6%; Metallurgy & Metal Products, up 2.9%; and Manufacture of Electrical Material and Equipment, with growth of 2.7%. Conversely, the greatest decreases in prices corresponded to the sectors of Coke Plants and Oil Refining, which fell by 15.6%; Manufacture of Machinery and Equipment, with a drop of 4.2 %; and Textile, Garments, Leather & Footwear, down 4.0%.

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 2.7%; influenced by the 3.0% rise in prices of Consumer Non-durables and the 1.4% increase in prices of Consumer Durables. The same was true for Intermediate Goods, which rose by 1.7% In contrast, in year-on-year terms, Energy prices dropped by 10.2% and prices of Capital Goods fell by 0.3%.

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