(Reuters) -Spanish industrial prices rose 14.7% in the 12 months through December, down from a revised 20.5% increase in the 12 months through November, the National Statistics Institute (INE) said on Wednesday.
The industrial 12-month production price increase in December was at its slowest since April 2021, when the increase was 13.0%, the INE data showed. The increase had peaked at an all-time record of 47% in the period through March.
Industrial prices fell 1.7% in December from November, INE said.
This decline was mainly due to a decrease in energy prices, which fell by 15% last month, and cheaper intermediate goods, whose prices dropped more than 2.5% in the same period.
Prices for non-durable goods rose just 0.1%, as a result of an increase in the manufacturing prices of vegetable and animal oils and fats.
Companies tend to pass on industrial price rises to customers, ultimately fuelling inflation.
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Spanish consumer prices rose 5.7% in 2022, INE said two weeks ago, down from 6.5% in 2021, while core inflation, which strips out volatile food and energy prices, stood at 7.0%.
(Reporting by Joao Manuel Mauricio and Matteo Allievi in Gdansk; Editing by Emma Pinedo, Inti Landauro and Timothy Heritage)