April 24 (Reuters) - A spike in energy costs caused Spanish industrial prices to rise at their fastest rate in a year in March after falling for four consecutive months, the National Statistics
Spain's Industrial Prices Climb Rapidly in March Due to Rising Energy Costs
March Sees Sharp Increase in Spanish Industrial Prices
Energy Costs Drive Price Surge
April 24 (Reuters) - A spike in energy costs caused Spanish industrial prices to rise at their fastest rate in a year in March after falling for four consecutive months, the National Statistics Institute (INE) said on Friday.
Over the 12 months through March, industrial prices rose by 3.4%, a considerable increase from February's revised 6.9% decrease.
Impact on Consumer Prices and Inflation
Industrial prices changes tend to anticipate consumer prices as companies transfer some higher costs to customers, ultimately fuelling inflation.
Energy Sector's Contribution
The rate was skewed by energy prices, which grew at a rate of 7.9%. That was 30 percentage points faster than in February, when they decreased by 22.1%.
Petrol Refining and Electricity Distribution
That was mostly due to a 46.3% month-on-month spike in petrol refining prices, as well as a smaller uptick of electricity distribution and gas prices, INE said.
Global Factors Affecting Prices
Prices of crude futures are about 45% higher than before the start of the war in the Middle East, as fears of a renewed military escalation grow.
Monthly Comparison and Official Statement
Industrial prices rose 6.5% in March from February, INE said.
(Reporting by Javi West Larrañaga; Editing by Emma Pinedo and Toby Chopra)
