The moderation of energy costs has allowed industrial prices in Spain to fall in November (for the sixth consecutive month). The INE has published that the reduction in the IPRI indicator (industrial price index) was 7.4% compared to the same month of the previous year. They are three tenths more than in October. In month-on-month terms, the decrease is 2%.
On the other hand, before February the indicator recorded almost thirty months in a row with increases in prices mainly as a result of the war in Ukraine, which put upward pressure on energy costs in a minimum amount of time. The rebound reached almost 50% in a single month, like what happened in March 2022.
Compared to October, in month-on-month terms the decrease in prices is 2%. The drop is greater than the one that occurred in October when the drop was 1.4%.
Despite the strong and continued decline in industrial prices, this fact is insufficient to reduce inflation, which remains high as a result mainly of food.
This circumstance is also seen in industrial prices in the food sector, which grew by 5.8%. Only the prices of metallurgy (7.4%) and the beverage sector (9.0%) registered a greater increase. On the other hand, the greatest decreases occur in the supply of energy and gas with a drop of 26%.
By community, the largest increases occur in the Basque Country, Cantabria and Comunitat Valenciana, whose rates rise by 2.4, 2.3 and 1.4 points, respectively. In Catalonia, the monthly decrease was 4.9%.
