Press Release 21/04/2022
INDUSTRIAL PRICE INDEX. MARCH 2022
Industrial prices in the Basque Country rose by 4.1% in March 2022 compared to the previous month
In relation to March 2021, industrial prices increased by 22.6% due to the sharp rises in the energy sectors
Industrial prices in the Basque Country rose by 4.1% in March 2022 compared to the previous month, according to Eustat data. The year-on-year rate for March, which indicates the fluctuation in industrial prices over the last twelve months, stood at 22.6%..
A more detailed analysis reveals that in March 2022, the most inflationary sectors on the previous month were: Coke Plants & Oil Refining, with an increase of 20.4%; Electricity, Gas & Steam, which rose by 6.2%; and Extraction industries, up by 3.0%. In contrast, the sectors that recorded the largest month-on-month decreases in prices were: Manufacture of machinery and equipment, down 1.0%; Furniture and Other Manufacturing Industries; Repairs and Installation, with a decrease of 0.3%; and Manufacture of Transport Material, with a drop of 0.1%.
With regard to the classification of goods by economic destination, price variations in respect of February 2022 were positive in the Energy sector, where prices rose by 13.9%, in Intermediate Goods and in Consumer Goods as a whole, both with growth of 1.7%. In the case of the latter, the increase can be explained by the 1.9% rise in Consumer Non-durables and the 0.2% rise in Consumer Durables. Prices of Capital Goods, on the other hand, fell by 0.5% compared to the previous month.
Industrial Price Index of the Basque Country. Variation rate (p). March 2022
| | INDEX | % VARIATION |
| | | m / m-1 | m / m-12 |
| GENERAL INDEX | 128,6 | 4,1 | 22,6 |
| | | | |
| SECTOR DIVISIONS | | | |
| Mining and quarrying | 110,4 | 3,0 | 4,2 |
| Manufacturing industry | 124,5 | 3,7 | 17,2 |
| Manufacture of food products, beverages and tobacco products | 117,2 | 2,2 | 9,9 |
| Textile industry, garments, leather & shoes | 103,2 | 0,6 | 3,2 |
| Manufacture of wood and paper products, and printing | 126,2 | 1,0 | 21,4 |
| Coke and refined petroleum | 169,5 | 20,4 | 60,9 |
| Chemical industry | 138,5 | 1,5 | 25,5 |
| Manufacture of pharmaceutical products | 119,9 | 1,7 | 6,8 |
| Rubber, plastic and other non-metallic mineral products | 107,0 | 0,8 | 8,1 |
| Metallurgy and metal products | 130,4 | 1,9 | 19,9 |
| Manufacture of computer, electronic and optical products | 118,1 | 0,8 | 8,4 |
| Manufacture of electrical equipment | 112,6 | 0,6 | 5,0 |
| fabricacion de maquinaria y equipo n.e.c | 108,6 | -1,0 | 4,9 |
| Manufacture of transport material | 105,4 | -0,1 | -1,7 |
| Furniture; other industries; repair and installation | 110,3 | -0,3 | 3,1 |
| Electricity, gas and steam | 154,4 | 6,2 | 59,2 |
| Water | 120,3 | 0,3 | 9,3 |
| | | | |
| BY MAJOR INDUSTRIAL SECTORS | | | |
| Consumer goods | 115,6 | 1,7 | 7,7 |
| Durable consumer goods | 108,9 | 0,2 | 3,9 |
| Nondurable consumer goods | 116,8 | 1,9 | 8,3 |
| Equipment goods | 111,1 | -0,5 | 3,1 |
| Intermediate goods | 123,9 | 1,7 | 17,1 |
| Energy | 165,0 | 13,9 | 62,4 |
Base 2015=100
(p)Provisional data
m / m-1: Variation rate of the last observed month (m) compared to the previous month (m-1)
m / m-12: Year-on-year variation rate of the last observed month (m) compared to the same month of the previous year (m-12)
Date December 20, 2021
Source: Eustat Industrial prices index
In year-on-year terms, March 2022 on March 2021, the highest price rises occurred within the branches of Coke Plants & Oil Refining, with a rise of 60.9%; Electricity, Gas & Steam, up 59.2%; and Chemical Industry, which registered an increase of 25.5%. Conversely, prices only decreased in the Manufacture of Transport Material sector, falling by 1.7% in year-on-year terms.
Year-on-year price fluctuations for the large goods groups by economic destination were positive for all of them: Energy prices rose by 62.4%; prices of Intermediate Goods were up 17.1% and those of Capital Goods increased by 3.1%. Consumer Goods, as a whole, registered growth of 7.7%; influenced by the 8.3% rise in prices of Consumer Non-durables and the 3.9% increase in those of Consumer Durables.
NOTE
Eustat would like to thank all the establishments that have collaborated in making this effort despite the circumstances. As a result, the March index was calculated with 91.55% coverage of the sample, whose information was gathered during March and April.
For further information:
Eustat - Euskal Estatistika Erakundea / Basque Statistics Institute
C/ Donostia-San Sebastián, 1 01010 Vitoria-Gasteiz
Press Service: servicioprensa@eustat.eus Tel.: 945 01 75 62