Energy costs have increased prices in Spain’s manufacturing industry in 2024, after a contraction the previous year, the National Statistics Institute (INE) said on Friday.
Manufacturing prices rose 2.3% last year after a 6.3% decline the year before, when energy prices fell from the war-induced 2022 peak in Ukraine, the INE said in its monthly report.
Prices of oil, gas and electricity increased by 7.5% in Spain in 2024 after contracting by 20.6% in 2023, the INE said.
Following turbulence in energy markets in 2021 and 2022 caused by the COVID pandemic and the start of the war in Ukraine, industrial price growth in Spain reached a peak of 47% in March 2022. Companies have tendency to pass on industrial price increases to customers, which ultimately fuels inflation.
-Spain’s annual inflation rate has risen in recent months, reaching 2.8% in December after falling to 1.5% in September.
Industrial prices increased by 0.9% in December compared to November and the INE revised upwards the November year-on-year price increase to 1.2% from an initial increase of 0.9%.
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