Industrial prices fall 20.8% in the Canary Islands in August

Industrial prices fall 20.8% in the Canary Islands in August

Industrial prices fell 20.8% in the Canary Islands in August, compared to the same month last year, while so far this year they have decreased 9.3%as reported this Monday by the National Institute of Statistics (INE).

All prices have risen on the islands minus the energywhich plummeted 39.2%.

At the national level, prices decreased by 10% in August in relation to the same month of 2022, a rate almost 1.5 points lower than that registered in July and the most pronounced since the beginning of the series, in 1976.

With the year-on-year decrease in August, the inflation of the industrial sector is chaining six months of negative rates after in March it put an end to a period of 26 consecutive months of increases, in which it recorded double-digit positive rates for more than 20 months.

He decline in industrial prices registered in August is due to the fall experienced by energy, which cut its rate by 2.5 points, to -29.3%, due to the lower cost of gas production and the fact that production prices , transportation and distribution of electrical energy rose less in August of this year than in the same month of 2022.

On the contrary, the oil refining prices increased in August of this year compared to the decline they experienced in the same month of 2022.

The fall in industrial inflation in August was also influenced by non-durable consumer goods, which cut their interannual rate by two tenths, to 10.2%, due to cheapening of meat processing and preservation. Instead, he highlighted the rise in prices for the manufacture of vegetable oils and fats.

According to the INE, without counting energy, industrial prices last August showed a year-on-year advance of 1.7%a figure one tenth lower than that of July and more than 11 points higher than the general rate.

By activities, the largest price decreases compared to August 2022 occurred in the supply of electric power and gas (-35.5%); coke plants and oil refining (-14.9%), and in metallurgy (-13.8%).

In the opposite direction, the biggest year-on-year increases were recorded in the manufacturing of beverages (+9.8%); the food industry (+9.2%) and in the manufacture of other non-metallic mineral products (+9.1%).

Industrial prices rise 1.2% in the month

In monthly rate (August over July), industrial prices rose by 1.2%, their biggest monthly increase since last February, when they increased by 2.3%.

Energy was the driving sector of this monthly rebound in industrial prices, registering an increase of 3.7%due to the higher cost of oil refining and electrical energy production.

At the same time, non-durable consumer goods increased their prices by 0.7% in August compared to the previous month due to the increase in prices in manufacturing of vegetable and animal oils and fats.

On the contrary, the intermediate goods They cut their prices by 0.4% in the eighth month of the year due to the lower prices of the manufacture of basic iron products and the production of precious metals.

The activities where most they increased prices in monthly rate and that had a greater impact were oil refining (+13.4%); the production and transportation of electrical energy (+1.9%); the manufacture of vegetable and animal oils and fats (+6.6%), and the manufacture of other food products (+0.8%).

For its part, the most pronounced monthly price declines and with greater impact The index recorded gas production (-5.5%); the production of precious metals (-1.9%); the manufacture of basic iron products (-1.4%); meat processing and preservation (-0.4%); the manufacture of animal feed products (-0.9%), and the manufacture of paper and cardboard (-2.5%).

Negative rates in all communities

The annual rate of the industrial price index decreased in August in 14 autonomous communities and increased in three, according to Statistics.

The largest decreases compared to July rate They occurred in Madrid, the Balearic Islands and Castilla y León, whose interannual rates fell by 6.4; 5.5 and 4.5 points, respectively.

The three regions where the annual rate of industrial prices increased were Andalusia, Murcia and Castilla-La Mancha, with increases of 3.7; 3.4 and 1.4 points, respectively.

Al end August, all communities presented negative rates of industrial prices. The most pronounced were those of the Balearic Islands (-24.6%) and Asturias (-23.7%).