Industrial prices rose by 15.3% last November in the Balearic Islands compared to the same month of 2023, which is the second highest rise in Spain, as reported Thursday by the National Statistics Institute (INE).
In Spain as a whole, prices in industry grew by 0.9% compared to the 3.9% decline in October. With the year-on-year rise in the penultimate month of the year, industrial sector inflation puts an end to a period of 20 consecutive months of negative rates. The rise in industrial inflation in November was a consequence of the evolution of energy prices, which increased its year-on-year rate by 15.3 points to 2.4%, the highest since February 2023, due to the lower cost of oil refining, among other things. On the other hand, among the industrial sectors with a negative influence, non-durable consumer goods stood out, which cut their rate by one point with respect to October, to 0.5%, due to the fact that the prices of the manufacture of vegetable and animal oils and fats fell, compared to the increase in November of the previous year. On the other hand, the annual variation rate of industrial prices excluding energy decreased in November by two tenths of a point, to 0.2%, thus standing 0.7 points below the general index. In monthly rate (November over October), industrial prices rose by 2.7% after falling in the manufacture of vegetable and animal oils and fats (-8.5%) and in the manufacture of basic iron, steel and ferroalloy products (-1.6%), and increasing in the production, transport and distribution of electrical energy (+18.4%) and in the manufacture of animal feed products (+0.7%). In the first 11 months of 2024, according to Statistics, industrial prices rose by 1.2% compared to the same period of 2023, with those of electricity and gas supply increasing by 7.7% and those of coking and refining of oil falling by 8.3%.
Negative rates
Industrial inflation registered negative annual rates in November in five autonomous communities, especially in Murcia (-3.9%), Andalusia (-1.9%) and the Basque Country (-1.6%). Twelve regions experienced positive year-on-year rates in their industrial prices in November, specifically in the Canary Islands (+17.2%), the Balearic Islands (+15.3%), Asturias (+14.9%), La Rioja (+6.6%) and Navarra (+4.2%).
