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    Containment of electricity prices slows the take-off of industrial prices


    May 25, 2022 - CE Noticias Financieras

     

      The increase in the cost of energy and raw materials were two determining factors that led industrial prices to soar 47% in March, their highest increase in 46 years. However, the reduction in the price of electricity production, transport and distribution seems to have slowed down this trend, since the annual rate of the Industrial Price Index (IPRI) in April was 45%, reducing by two points, making it 16 consecutive months of increases.So much so, that energy was the only industrial sector that had a negative influence on this percentage, since it decreased its rate by more than 17 points, to 119%, due to the reduction of its production costs, among others. However, intermediate goods were decisive in recording this figure as they increased by almost three points, with a variation of 25.6% as a result of price increases in the manufacture of animal feed products and, to a lesser extent, in the manufacture of basic iron, steel and ferroalloy products, higher than last year.Another decisive market in the escalation of industrial prices was that of non-durable consumer goods, whose rate increased by more than one and a half points over that of the previous month, standing at 10.2%. In this evolution, the increase in prices of meat processing and preservation and meat products elaboration stands out, more in March 2022 than the previous year.Regarding the monthly rate, industrial prices stood at 1.6%, more than five points below what they increased in March (+6.7%) and with April's rise, 14 months of consecutive monthly upturns have been chained. The monthly increase in April is mainly due to the increase in intermediate goods and non-durable consumer goods, which have presented a variation of 4.1% and 2.3% respectively. However, the drop in the prices of the production, transport and distribution of electrical energy have been determining factors in the drop of energy, since it has been the only sector with a negative monthly impact, placing its variation at -0.6%, according to the information provided by the National Statistics Institute (INE).Without taking energy into account, industrial prices advanced almost two points, up to 15.6%, and is almost 29 points below that of the general IPRI, which is the highest rate since April 1980.By activities, the largest price increases compared to April 2021 were in electricity and gas supply (+128.3%); coking and oil refining (+101%); metallurgy (+45.9%) and extractive industries (+45%).By autonomous communities, it is observed that this indicator in its annual rate decreased in April compared to March in thirteen autonomous communities, increasing in the remaining four. The biggest falls were recorded in the Canary Islands, Balearic Islands and Asturias, with decreases of 32.6, 29 and 28.6 points respectively. On the other hand, Catalonia, Cantabria and the Basque Country were the regions where the rates increased the most, with rises of 2.3, 2.2 and 2.1 points, respectively. At the end of April, all communities presented positive industrial price rates. The highest annual rates were in Asturias (+90.9%), the Balearic Islands (+83.5%) and the Canary Islands (+80.3%), while the most moderate rates corresponded to La Rioja (+23%), Navarra (+27.6%) and Catalonia (+28.9%).

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