Alex Trelinski
INDUSTRIAL production prices in Spain notched up a record annual rate for the fifth successive month in February according to figures released on Friday by the National Statistics Institute (INE).
Industrial prices have been rising quickly in Spain even before Russia’s invasion of Ukraine resulted in energy price hikes.
Prices rose by 40.7% in February, the highest level since figures started being compiled in 1976.
The biggest factor was a 114.4% increase in energy costs compared to the same month last year.
Capital goods rose 4.6%, boosted by increased costs facing carmakers, the INE said.
Companies tend to pass on industrial price rises to customers, fuelling inflation.
Spain’s inflation rate is currently running at its highest level in 35 years.
Russia’s invasion of Ukraine means that imminent hopes of price rises slowing down soon are unlikely with Spain calling on the European Union to adopt a unified energy strategy to deal with the issue.
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