Published by Global Banking & Finance Review®
Posted on January 24, 2025
1 min readLast updated: January 27, 2026
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Spain's manufacturing prices rose 2.3% in 2024, driven by energy costs, after a 6.3% decline in 2023, according to INE.
(Reuters) - Energy costs lifted Spanish manufacturing prices in 2024 following a contraction in the previous year, the National Statistics Institute (INE) said on Friday.
Manufacturing prices rose 2.3% last year after a 6.3% decline in the previous year, when energy prices fell from a peak in 2022 prompted by the war in Ukraine, INE said in its monthly report.
Prices of oil, gas and electricity rose 7.5% in Spain in 2024 after contracting by 20.6% in 2023, INE said.
Following turmoil on energy markets in 2021 and 2022 caused by the COVID pandemic and then the start of the Ukraine war, industrial price growth in Spain peaked at 47% in March 2022. Companies tend to pass on industrial price rises to customers, ultimately fuelling inflation.
Spain's annual inflation rate has picked up in recent months, reaching 2.8% in December after having eased to 1.5% in September.
Industrial prices rose 0.9% in December from November and INE revised up the year-on-year November price increase to 1.2% from an initial 0.9% increase.
(Reporting by Tiago Brandao; Editing by Inti Landauro and Gareth Jones)
The main topic is the rise in Spain's manufacturing prices in 2024 due to increased energy costs, following a decline in 2023.
The price increase was primarily driven by a rise in energy costs, including oil, gas, and electricity.
Spain's annual inflation rate increased to 2.8% in December, up from 1.5% in September.
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