Energy costs drive Spanish industrial prices to record highs

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Prices for Spanish industrial production rose at an annual record rate for the fifth consecutive month in February, boosted by rising energy costs, according to data from the National Institute of Statistics (INE) on Friday.

Driven by a strong post-pandemic recovery, industrial prices soared in Spain even before Russia’s invasion of Ukraine put additional pressure on energy costs.

Prices rose 40.7% in February, the highest level since the data series began in January 1976, boosting energy costs by 114.4% compared to the same month last year.

Capital goods increased by 4.6%, boosted by rising costs faced by the auto industry, INE reported.

Companies tend to pass on industrial price increases to customers, fueling inflation. In recent months, energy prices and inflation have soared in European countries, with Spanish inflation running at the fastest pace in 35 years.

Russia’s invasion of Ukraine and the ensuing economic repercussions have dashed hopes that price increases will soon ease, and southern European Union countries, including Spain, have called on the bloc to adopt common energy policies to address the situation.

Source: Capital

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