Spain’s industrial prices drop 3.5%YoY in June – INE

Spain’s industrial prices dropped by 3.5 per cent in the year ending in June, an improvement from the revised 4.5 per cent fall reported for the year ending in May, according to the National Statistics Institute (INE) latest report on Wednesday.

The increase in energy prices contributed positively, with the annual rate for energy rising by 2.0 points to -12.7 per cent due to a higher increase in electricity production, transport, and distribution prices compared to June 2023.

Conversely, oil refining prices decreased, contrasting with the previous year’s rise.

Intermediate goods also saw a shift, with the annual rate falling by 2.1 per cent, up by 1.0 points from May.

This change resulted from a smaller decrease in the prices of basic chemicals, nitrogenous compounds, fertilisers, plastics, and synthetic rubber, as well as an increase in animal feed product prices compared to a decrease in the same month last year.

Attribution: Reuters and The National Statistics Institute (INE)