Friday, September 29, 2023

Inflation in the sports industry moderated to 1.6% in the first quarter

Inflation in the sports industry weakened at the end of the first quarter. In March, the industrial price index (Ipri) for the production of sporting goods recorded an increase of 1.6%, three points less than in February, according to data from the National Institute of Statistics (INE) published on Tuesday.

Cumulative after completion in 2022 Seven consecutive months of growth exceeding 6%, in January the statistics moderated to 5.4%; In February it rose to 4.7% and has now recorded the smallest increase since January 2021, when the statistics rose by 0.7%.

The general Ipri rate fell by 1% in March, nine points less than in February (8%). An end to 26 consecutive months of positive interest rates, a period that saw more than twenty months of double-digit interest rates. The largest declines were recorded in the Canary Islands, the Balearic Islands and Murcia, while La Rioja, Catalonia and the Valencian Community were the regions where the annual rate fell the least.

The moderation in March is due to this Energy prices weakened to 15.9%, almost 21 percentage points below February, caused by the decline in prices for the production, transportation and distribution of electrical energy. Intermediate goods also influenced the moderation of the statistics, with a rate three percentage points lower to 3.5%.

Food prices increased by 16.1%, with particular increases in the production of dairy products (24.4%) and the processing and preservation of meat and the production of meat products (17.2%).

The Ipri is a short-term indicator that measures the monthly evolution of the prices of industrial products manufactured and sold on the domestic market in the first step of their commercialization, that is, the selling prices at the factory, excluding transport costs as well as marketing and VAT.

The population includes industrial establishments, while the sample size includes 9,000 industrial establishments and 1,500 items. These statistics cover around 28,000 monthly prices. Coinciding with today’s publication, the INE has updated the Ipri series data for the last three months, making the figure recorded in December 2022 final.

Nation World News Desk
Nation World News Desk
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
Latest news
Related news