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Europe, News

Soaring power costs push Spanish industrial prices to 41-year high

Sept 27 (Reuters) – Spanish industrial production prices reached their highest level since May 1980 after jumping 18% year-on-year in August, the Spanish National Statistics Institute (INE) said on Monday, blaming spiralling energy costs.

Energy bills have soared in Spain and other European countries as gas prices rocket on factors such as low storage stocks.

INE said energy prices in Spain rose 41.6% in August from a year earlier – the biggest jump in four decades – driving most of the increase in the industrial prices index.

Prices for intermediate finished goods climbed 16% over the same period largely due to higher costs for basic chemicals, fertilizers, plastics and other materials, contributing to the price hike.

Overall, the August industrial price index rose 1.9% from its July level, slowing slightly from the 2% increase the previous month. (Reporting by Anita Kobylinska; Editing by Nathan Allen and Louise Heavens)

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