Industrial prices fell 8.4% in July due to the lower cost of electricity

Industrial prices decreased by 8.4% in July in relation to the same month of 2022, a rate four tenths lower than that registered in June, due to cheaper electricity and the lower rise in gas production prices compared to the one registered a year earlier, as reported this Friday by the National Institute of Statistics (INE).

With the year-on-year decline in July, inflation in the industrial sector chains five months of negative rates after ending a period of 26 consecutive months of increases in March, in which it recorded positive double-digit rates for more than 20 months.

The decrease in industrial prices registered in July is due to the fall experienced by energy, which cut its rate by four tenths, to -26.2%, due to the lower rise in gas production and the drop in production, transmission and distribution of electrical energy. In contrast, refined oil prices increased in July of this year compared to the setback they experienced in the same month of 2022.

The drop in industrial inflation in July was also influenced by intermediate goods, which cut their interannual rate by almost half a point, to -5.7%, due to the lower cost of manufacturing chemical products, as well as capital goods, whose annual rate fell four tenths, to 2.6%, due to lower prices in the manufacture of motor vehicles.

In the monthly rate (July over June), industrial prices rose 0.1%, eight tenths less than they did the previous month, when they rebounded 0.9%.

Energy was the driving sector behind this monthly rise in industrial prices, registering an increase of 0.9%, due to the higher cost of oil refining and gas production.

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