Friday. 02.12.2022
INDUSTRY

Spanish producer price inflation logs record high

The inflation rate was the highest since the series began in January 1976, the INE said
15 January 2022, Spain, A Coruna: People take part in a protest called by CIG-Industria of metal workers, from Plaza de Vigo to the headquarters of the Confederation of Employers in Plaza Luis Seoane, to demand a decent collective bargaining agreement. Photo: M. Dylan/EUROPA PRESS/dpa.
Metal workers take part in a protest called by CIG-Industria in A Coruna to demand a decent collective bargaining agreement. Photo: M. Dylan/dpa.

Spanish producer price inflation accelerated for an eleventh month in December, to its highest level on record, preliminary data from the statistical office INE showed on Tuesday.

The industrial producer price index climbed 35.9 per cent year-on-year, following a revised 32.2-per-cent increase in November. The inflation rate was the highest since the series began in January 1976, the INE said.

Energy prices surged 95.9 per cent, the fastest increase since the series began, mainly because the rise in prices of the production, transportation and distribution of electrical energy was higher than a year ago.

Meanwhile, prices in oil refining decreased versus an increase in the same month last year.

Producer prices for non-durable consumer goods increased 5.3 per cent annually, mainly due to the rise in prices in meat processing, which declined a year ago.

11% increase without energy

Intermediate goods prices surged 20.6 per cent year-on-year, logging the biggest increase since January 1976. Excluding energy, producer prices rose 11.0 per cent year-on-year in December, which was the biggest increase since October 1984.

Compared to the previous month, producer prices rose 3.8 per cent in December after a 1.3-per-cent gain in November.

Spanish producer price inflation logs record high
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