© Reuters. FILE PHOTO: A saleswoman shows a bag to customers at a shoe store in Ronda, Spain, December 13, 2022. REUTERS/Jon Nazca
(Reuters) – Spanish industrial output prices rose 8.2% in the 12 months to January, more than 6 percentage points below the December figure, the National Statistics Institute (INE) said on Friday.
The number compares with a revised increase of 14.9% in the 12 months through December. The increase in the 12-month industrial production price 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 compared to December, the INE said. The drop was mainly due to falling energy prices, which were almost 8.8% lower than the previous month.
Companies tend to pass on industrial price increases to customers, which ultimately fuels inflation.
Twelve-month inflation in the period to January was 5.9%, down from a peak of 10.8% in July 2022, the INE said last week, although core inflation, which excludes volatile commodity prices, fresh food and energy, was 7.5%.