Spanish industrial prices experienced a decline in March, largely due to cheaper energy and reduced vegetable oil prices, according to the National Statistics Institute (INE).
The prices at the Spanish factory gates, which are the costs of goods as they leave the factory before additional expenses like transportation are added, fell 3.9% in March compared to February, as reported by INE.
This decrease resulted in a 12-month rate of 4.9%, a reduction from the revised 6.7% in February.
The INE attributed the majority of this decrease to a drop in electricity costs, which fell 19.2% in March.
Additionally, costs for oil refining and gas production declined by 6.5% and 3.8% respectively. Vegetable oil costs, primarily from olives, also experienced a decrease, falling 3.7% in March.
