INDUSTRIAL PRICE INDEX OF THE BASQUE COUNTRY (IPRI) MAY 2011. Industrial prices fell by 0.5% in May 2011 compared to the previous month

Press release dated 23/06/2011

INDUSTRIAL PRICE INDEX OF THE BASQUE COUNTRY (IPRI) MAY 2011

Industrial prices fell by 0.5% in May 2011 compared to the previous month

The increase was 7.4% on the previous year

Industrial prices in the Basque Country dipped by 0.5% in May 2011 compared to the previous month, according to EUSTAT data. With these data, the year-on-year rate for May, which indicates the fluctuation in industrial prices over the last twelve months, showed growth to be 7.4%

December year-on-year variation rates (%) of Industrial Prices in the Basque Country. Provisional data

A more detailed sectorial analysis shows that the most inflationary branch in May 2011, with regard to the previous month, was "Food, Beverages & Tobacco" (2.6%), followed by "Manufacturing Transport Equipment" (0.9%) and "Chemical Industry" (0.3%), which posted lower hikes. By contrast, the sectors with the greatest falls in prices were “Coke Plants & Oil Refining" (-23.2%), "Electricity, Gas & Steam" (-1.5%) and “Extraction Industries” (-1.4%).

During the year-on-year period, May 2011 on May 2010, the highest price rises were recorded by “Coke Plants & Oil Refining" (19.0%) “Electricity, Gas & Steam” (18.2%), and “Food, Beverages & Tobacco” (7.9%). On the other hand, the only sector that posted price downturns was the "Extraction Industries" (-8.4%).

According to the Classification of Goods by Economic Destination, and in relation to the previous month, the only sector to register a drop in prices was Energy, down 3.7%. The prices of Capital Goods fell by 0.3%, Intermediary Goods were up by 0.1% and the prices of Consumer Goods overall increased by 0.3%, as the result of the increase posted by Non-Durables (0.4%), as Durables remained stable with respect to the previous month (0.0%).

The price evolution of these large groups of goods also increased in all cases over the year-on-year period. Energy prices increased by 18.7%, Intermediate Goods by 7.0%, Capital Goods were up 1.7% and Consumer Goods registered a 2.7% increase. Among the latter, the prices of Consumer Non-Durables rose 3.6% while Consumer Durables were up by 0.5%.

INDUSTRIAL PRICE INDEX. BASQUE COUNTRY. DATA SUMMARY. MAY 2011