Spanish January 12-month industrial prices increase at 8.2%, slowest in almost 2 years By Reuters

© Reuters. FILE PHOTO: A saleswoman shows a bag to customers in a shoe shop in Ronda, Spain, December 13, 2022. REUTERS/Jon Nazca

(Reuters) -Spanish industrial production prices rose 8.2% in the 12 months through January, more than 6 percentage points below the December figure, the National Statistics Institute (INE) said on Friday.

The number compared with a revised 14.9% increase in the 12 months through December. The industrial 12-month production price increase in January was the slowest since March 2021, when it was 6.4%.

The 12-month index peaked at 47% in March 2022.

Industrial prices fell 2% in January from December, INE said. The drop was primarily due to a fall in energy prices, which were almost 8.8% lower than in the previous month.

Companies tend to pass on industrial price rises to customers, ultimately fueling inflation.

The 12-month inflation in the period through January was 5.9%, down from a peak of 10.8% in July 2022, INE said last week, though core inflation, which strips out volatile fresh food and energy prices, was 7.5%.

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