Industrial prices moderate thanks to falling energy costs
The industrial prices moderated their year-on-year growth in September up to 35.6% due to lower energy costs and stagnated in relation to the previous month, as reported on Tuesday by the National Statistics Institute (INE). With the year-on-year rise in September, almost 7.5 points lower than that experienced in August, industrial prices chain 21 consecutive months of positive rates.
The moderation of the interannual rate of industrial prices registered in September It is mainly due to energy, which cut its annual variation by almost 27.5 pointsup to 84.2%, due to cheaper electricity production and oil refining, as well as intermediate goods, whose annual rate fell 1.5 points, to 18.6%, due to the lower increase of the manufacturing prices of chemical products and basic iron products with respect to that experienced in September 2021.
By contrast, the consumer goods prices Non-durable products raised their year-on-year rate by half a point in September, to 13.1%, due to the higher cost of processing and preserving meat and manufacturing meat products. According to the INE, without counting energy, industrial prices showed a year-on-year rise of 14% last September, a rate four tenths lower than that of August and more than 21.5 points below the general rate.
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