Press Release 23/06/2023
INDUSTRIAL PRICE INDEX. MAY 2023
Industrial prices in the Basque Country fell by 1.1% in May 2023 in relation to the previous month
Compared to May 2022, industrial prices recorded a 5.7% decrease
Industrial prices in the Basque Country fell by 1.1% in May 2023 in relation to the previous month, according to Eustat data. The year-on-year rate for May, which indicates the fluctuation in industrial prices over the last twelve months, was also down 5.7%.
A more detailed analysis reveals that in May 2023, the sectors which recorded the greatest decreases in their prices compared to the previous month were: Coke Plants and Oil Refining with a price reduction of 7.1% and Electricity, Gas & Steam with a decrease of 3.7%. Conversely, the sectors that recorded the greatest month-on-month increases in prices were: Manufacture of Electrical Material & Equipment, up 5.1%; Textile, Garments, Leather & Footwear Industry, with a 2.0% increase; and Manufacture of pharmaceutical products, with a rise of 1.5%.
According to the classification of goods by economic destination, compared to April 2023, Energy prices decreased by 5.8% and Consumer Goods prices fell by 0.5%. In the case of the latter, the decrease was explained by the 2.0% drop in prices of Consumer Non-Durables, since those of Consumer Durables rose by 10.5%. Prices of Intermediate Goods were up 0.4%, while those of Capital Goods increased by 0.1%.
In year-on-year terms, May 2023 on May 2022, the greatest price increases occurred in the branches of Rubber, Plastic and other Non-Metallic Mineral Products, with a 12.8% increase; Timber, paper and graphic arts, with a rise of 12.3%; Food, Beverages & Tobacco Industry, up 11.6%; and Extraction Industries with an 11.2% increase. In contrast, the greatest decreases in prices in year-on-year terms were registered in the branches of Coke Plants and Oil Refining with a fall of 28.3%; Electricity, Gas & Steam, down 24.5%; and Metallurgy & Metal Products, with a 3.9% decrease.
Industrial Price Index of the Basque Country. Variation rate (p). May 2023
| | INDEX | % VARIATION |
| | | m / m-1 | m / m-12 |
| GENERAL INDEX | 129,1 | -1,1 | -5,7 |
| | | | |
| SECTOR DIVISIONS | | | |
| Mining and quarrying | 123,6 | -1,4 | 11,2 |
| Manufacturing industry | 129,0 | -0,7 | -1,8 |
| Manufacture of food products, beverages and tobacco products | 131,5 | -1,6 | 11,6 |
| Textile industry, garments, leather & shoes | 114,0 | 2,0 | 10,7 |
| Manufacture of wood and paper products, and printing | 151,0 | 1,2 | 12,3 |
| Coke and refined petroleum | 129,5 | -7,1 | -28,3 |
| Chemical industry | 150,9 | -0,2 | 2,2 |
| Manufacture of pharmaceutical products | 129,2 | 1,5 | 3,1 |
| Rubber, plastic and other non-metallic mineral products | 121,5 | -0,7 | 12,8 |
| Metallurgy and metal products | 140,6 | 0,8 | -3,9 |
| Manufacture of computer, electronic and optical products | 119,6 | -1,8 | -1,1 |
| Manufacture of electrical equipment | 116,7 | 5,1 | 3,6 |
| fabricacion de maquinaria y equipo n.e.c | 114,9 | 0,1 | 5,4 |
| Manufacture of transport material | 112,9 | -0,2 | 7,6 |
| Furniture; other industries; repair and installation | 120,5 | -0,3 | 6,7 |
| Electricity, gas and steam | 129,8 | -3,7 | -24,5 |
| Water | 132,3 | 0,0 | 8,7 |
| | | | |
| BY MAJOR INDUSTRIAL SECTORS | | | |
| Consumer goods | 128,7 | -0,5 | 9,9 |
| Durable consumer goods | 117,5 | 10,5 | 6,3 |
| Nondurable consumer goods | 130,5 | -2,0 | 10,5 |
| Equipment goods | 118,5 | 0,1 | 4,5 |
| Intermediate goods | 136,1 | 0,4 | 1,9 |
| Energy | 131,5 | -5,8 | -27,4 |
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 June 23, 2023
Source: Eustat Industrial prices index
Price fluctuation in year-on-year terms was positive for all the large goods groups by economic destination, except Energy which fell by 27.4%. Prices of Consumer Goods rose by 9.9%, explained by the 10.5% increase in prices of Consumer Non-Durables and the 6.3% rise in Consumer Durables. Prices of Capital Goods recorded a 4.5% price increase, while those of Intermediate Goods rose by 1.9%.
NOTE
Eustat would like to thank all the establishments that have collaborated in this effort. As a result, the index for this month was calculated with 95.08% coverage of the sample.
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